摘要
建立有效的法人治理结构是现代企业制度的核心内容,而当前我国国有煤炭企业还普遍存在法人治理结构不完善、法人治理能力低下等问题,这是制约煤炭企业健康发展的关键问题。分析我国实施债转股的背景,认为可以通过本轮债转股来实现国有煤炭企业产权多元化,从而有效降低国有企业法人治理中一股独大和内部人控制等问题,并通过改善股权结构构建更好的对外部投资者的保护机制,提高国有企业经营管理水平,促进煤炭企业健康发展。
To set up an effective corporate management structure would be the core content of the modern enterprise system, but there were an imperfect corporate management structure, low corporate management capacity and other problems generally existed in the present state owned coal enterprises in China and would be the key problem to restrict the health development of the coal enterprises. The paper analyzed the background of the debt-to-equity swap implemented in China. The paper held that with this round debt-to-equity swap conducted, the property rights diversified of the state owned coal enterprises eould be realized and thus only one big share, internal personal control and other problems could be effectively reduced in the cor- porate management of the state owned enterprises. An improved share right structure could be applied to establish a better pro- tection mechanism of the external investors, to improve the operation and management level of the state owned enterprises and to promote the health development of the coal enterprises.
出处
《煤炭经济研究》
2017年第4期16-21,共6页
Coal Economic Research
关键词
债转股
委托代理
法人治理结构
煤炭企业
debt-to-equity swap
principal agent
corporate management structure
coal enterprises
