债转股企业的共同治理模式研究

A Study on the Common Governance Mode for the Debt-to-Equity Swap Firms

通过分析案例企业的债转股协议,发现由于资产管理公司对债转股企业治理的积极参与,导致构成企业控制权的股东投票权、董事会权、职工参与权、优先转让权、剩余现金流权等都体现出强烈的权力制衡关系和保护弱势股东的特征。各投资主体平等地参与董事会决策权是构成共同治理模式的根本基础。改善债转股企业的治理质量,应在继续发挥政策效应的同时逐步强化市场原则。

Based on the analysis of case enterprise's debt-to-equity agreement, this article discovers that, all of the shareholder's vote right which constructs the corporate control right, board of directors right, employee's participation right, prior transference right and residual cash flow right display the intensive characters of power restriction and balance as well as the protection of disadvantaged shareholder, due to the active participation into debt-to-equity firm's governance by the asset management corporations. It is the fundamental foundation of the common governance mode for the investing subjects to participate in the decision right of the board of directors. To improve the debt-to-equity firm's governance quality, we should gradually strengthen the market principle at the same time to exert the policy effect.