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解密:公司证券设计与国企改革

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当西方证券设计理念遇上中国国企改革,
会撞出什么火花?
自由平等的契约形式能否建立?
证券设计利刃,助你解开国企改革桎梏,高效资本重组,财富增值!
一部经济学专家的力作
一部政府投融资者的众生相集
一部国企改革与证券设计的乾坤大挪移大法
Content Description

《解密:公司证券设计与国企改革》从公司证券设计的发展历程和实践经验出发,探索解密如何动员非国有资本参与到国有企业改革浪潮中来;如何让混合所有制改革和资产证券化的证券契约建立在资本关系基础上,淡化传统的行政管理或权力关系,从而建立真正的资本关系契约,取代传统的权力关系契约。《解密:公司证券设计与国企改革》将着重从公司治理角度对公司证券设计主要工具或其条款的原理及价值进行了阐述,对我国国有企业改革具有重要的理论和实践意义。

Author Description

庞任平,经济学博士,先后履职于郑州市财政局、南方报业传媒集团、青海省金融办。致力于政府投融资和金融市场领域的理论研究和实践探索十余年。
Catalogue

第一章 何为公司证券设计
一、公司证券契约解决两个问题 / 3
二、公司证券契约是股份制和资本市场发展的产物 / 4
三、公司证券设计理论发展 / 17
四、公司证券设计的探索与实践空间 / 26
第二章 公司证券设计利益相关主体
一、利益相关主体与公司契约视角 / 33
二、人力资本投资与利益相关主体契约 / 41
三、利益相关者结构与行为分析 / 47
第三章 经理与职工股权证券设计
一、经理—股东的代理冲突分析 / 71
二、管理报酬契约——初步解决方案 / 79
三、经理股权证券设计 / 90
四、经理股票期权及认股证——股权证券的衍生 / 106
五、职工(雇员)股权 / 112
六、我国对经理层与职工持股的实证检验 / 117
第四章 债权保护与证券设计
一、财富转移与债权人利益保护 / 125
二、债权证券的财富转移监督条款与成本分析 / 134
三、债权证券设计条款及信息信号功能 / 146
四、最优债权证券条款的原理 / 153
五、让债务人说真话的条款与信息机制 / 156
第五章 公司并购的证券设计与运用
一、公司控制权市场与公司并购 / 163
二、公司并购的财富创造效应 / 169
三、公司并购的财富转移效应 / 176
四、公司并购与证券设计运用 / 182
第六章 解密混合所有制改革与证券设计
一、国企资产资本化与证券化的契约逻辑 / 203
二、混合所有制改革——保护非国有资本积极性 / 213
三、经理与员工股权证券激励机制 / 224
四、债券市场的信用与声誉信息机制 / 238
Book Abstract

经理—股东的代理冲突分析
当企业制度演变为现代股份有限公司时,所有者与经营者分离,便出现如钱德勒所言的“经理革命”。股东投资者的分散化,股东监督经理的“公共产品”特征,使公司经理完全控制了公司的经营管理,掌握了企业的财务与生产经营等的一切内部信息,而作为剩余索取者的股东监督权力被架空。经理对公司经营的绝对控制权地位导致了股东与经理之间的代理冲突,产生了逆向选择和道德风险问题。所谓逆向选择,用一般的语言来说,实质上就是公司经理不如实透露有关个人和公司经营信息,具体包括两方面内容:一是经理在被选择雇佣之前,不如实透露有关私人信息,包括道德品质、经营能力等;二是在经营中,不如实披露有关公司经营的真实内部信息,从而利用内部信息在资本市场中牟取“内部信息租金”,当他如实披露真实信息后,他便会丧失这笔租金,从而减少其个人收益。所谓道德风险,实质上就是公司经理的偷懒行为和“损公肥私”的职务消费行为。公司经理的这种逆向选择和道德风险行为,必然使股东利益受到侵蚀。股东与经理作为一对对立的经济人,为了他们各自利益的最大化,也为了适应社会的发展,通过双方相互之间博弈,在他们之间必然妥协,并产生一个对双方具有约束力的契约,这种契约就是管理报酬契约和经理股权证券。
……
资本化与证券化的经济学与契约本质
资产资本化,是指企业将产权清晰的有价资产(包括有形资产和无形资产)进行财务量化,形成资本形态的股份份额。资产资本化形成股份之后,便可以在资本市场以出售、转让、并购等形式流动重组,资产从静态的实物化资产转变为动态、价值化资本,资本的放大功能得到释放,财富也与日俱增。资产资本化的经济学本质在于将处于固化的、无收益或低收益的资产,转换为有收益或高收益的以价值形态形式存在的股权资本,或是以固化资产存量吸引投资增量,从而扩大资源利用的生产函数边界,进而提高资产和其他资源的收益水平,实现静态资产的动态增值。与资本的本质一样,资本化的本质就是通过资产的资本化交易或使用获取利润,求得资产价值的最大化或获得更大的收益。
资产资本化实质上就是企业产权主体之间的资本证券契约形成过程,如第一章所述,股份有限公司是有限责任公司的一种进步,由一个企业家筹得基本的物质资本,并且通过借款或者发行和卖出“证券”股份来为公司的启动而融资,公司给投资者股票,投资者对公司的经营成果按股份拥有剩余索取权。通过筹资过程实现三个目的:一是把可供投资者投资的股本分成一些份额,投资者分散化了,而且这些投资者通过“证券”这种资本契约被拴在一起,还通过这种契约规范企业的财务所有权关系及其相关当事人之间的利益关系,投资者依照其股票的拥有份额分享公司经营的利润,并承担相应的风险;二是投资者可以转让公司的股份,但是仍然不可撤回;三是公司的经营交由具有经营能力的职业经理人管理,职业经理为股东利益服务,并得到相应的管理者报酬。对于国有企业而言,资产资本化就是以现代产权制度为前提进行公司制改制,形成比较规范的现代企业制度,把国有资产转化为具有市场价值、产权清晰、可流通和交易、能够在市场运营中实现价值增值的“资本”。国企经过资产资本化,成为具有独立法人资格的经济实体和市场主体。
资产资本化需要具备两个前提。首先,资产产权要明确清晰,只有产权清晰,所有者在与他人的交换中才能够有明确的收益预期保证,从而为实现外部效应内部化提供动力。其次,需要完善的交易市场和健全的交易制度,即使有权属清晰的资产也需要通过市场交易才能实现增值,有了好的交易市场和交易制度,资产才可以随意分割与再组合,让资产的市场价值偏离其实物载体,分散并被无数的市场投资者所拥有,依据市场价格与竞争原则向资本报酬率高的方向流动。
证券化是资产资本化之后的更高级价值手段,是把已经实现资本化的资产上市,在证券市场上实现流通和增值,使其价值得到相对真实的表现,证券化之后,资产更容易流转。资产证券化过程是资产不断从实物形态走向虚拟化的过程,权利不断衍生化的过程,从财务概念说也是其杠杆化融资信用功能不断放大的过程。
……

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