摘要
混合所有制企业治理结构问题是当前中国深化国有企业改革,全面推进市场化所亟待解决的关键问题。伴随着民营资本与国有资本融合程度的不断加深,民营资本作为第二大股东力量的不断增强,如果不能有效权衡二者之间的股权关系就会直接导致控制权纷争,从而引发治理效率缺失。解决国有股权和民营股权的激励相容问题,需要我们明晰二者之间股权制衡的动因、路径以及形成的最终绩效。本文以股权分置改革后的"鄂武商"为案例,根据上市公司股权结构特征,借鉴股东关系理论,探讨上市公司民营第二大股东对国有第一大股东的制衡机理。研究结果表明,民营参股股东与国有控股股东进行适度控制权争夺是符合效率原则的市场化行为,其制衡动因受到股权性质、现金流权、股权比例等因素的影响。参股股东可以通过引入关系股东、争取董事会席位及运用法律制度等路径制衡大股东。本文从股权制衡的视角诠释了混合所有制企业中第二大股东的治理作用与治理机制,为化解当前国有控股企业中民营股东与国有股东的"控制权冲突"提供了必要的借鉴。
Governance structure in mixed ownership enterprise is the most important problem for deepening the reform of national firms and promoting the market comprehensively in China.The power of the second largest shareholders in private companies is strengthing along with state-run equity and the private equity integration deepening.Because an ineffective balance of equity relationship between those capitals will directly lead to the loss of efficiency,which is caused by conflicts of control.It is necessary to know motivations,paths and ultimate results of equity balance between the state-run equity and the private equity,in order to find the solution of incentive compatibility between these two equities.This paper studies the balance mechanism between the second largest shareholders in private companies and the largest shareholders in stated-owned companies based on the case of "E Wushang" after Chinese equity division reform,according to the new characteristics of equity structure of listed companies and the theory of shareholder relations.The results show that appropriate control contention between the private shareholder and die state-owned shareholder is consistent with efficiency principle.The motivation of balance mechanism is affected by ownership properties,cash flow rights and shareholding ratio.Equity participate shareholders can balance the large shareholders by introducing associated shareholders,striving for board seats and application of law.It explains second-largest shareholder's influences in the mixed ownership enterprise from ownership control perspective,which provides a reference to reconcile "control conflict" between private shareholders and state-owned shareholders in state holding enterprises.
引文
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①2006年9月,围绕武商集团第一大股东的“头把交椅”,当时的武汉国资与“银泰系”展开了长达一年多的较量角逐。银泰系此举的真正意图是想进一步向武汉国资争取取得更多利益,争取更多话语权。2007年11月,浙江银泰收购武汉世纪中商,高调进入湖北百货领域,并期望整合在湖北的产业,目前在湖北共有6家门店。据了解,浙江银泰及湖北银泰由中国银泰投资有限公司控股。浙江银泰已连续6年稳坐浙江百货业头把交椅,并于2007年在中国香港上市。
②以6.8元/股向激励对象授予2495.2万股限制性股票,其业绩考核条件中,2016年和2017年仅要求净利润和净资产收益率有所增长。根据草案,本次激励对象包括公司董事长刘江超以及7位副总经理职务的8名高级管理人员,以及其他233名核心骨干员工。该股权激励计划有效期为5年,包括2年锁定期和3年解锁期,锁定期满后为解锁期,激励对象可在符合解锁条件后按33%、33%和34%比例解锁。