资产所有权与资本所有权的分离及其投资风险

The Separation of Property Ownership from Capital Ownership and Investment Risks

两权分离是指资本所有权与资产所有权分离,资产所有权与资本所有权分离给股东带来了委托风险。委托风险是当前形势下损害广大股东利益的主要原因,是阻碍广大潜在投资者进行投资的主要障碍,如何降低、直至消除委托风险是保护现有投资者利益,吸引潜在投资者投资要解决的关键问题。为此,在进一步完善公司治理结构外,还有两种治理机制可供选择,即教育引导机制和规范惩戒机制。

The separation of the two rights refers to the separation of the droit of the capital and the droit of the assets. The separation brings entrustment risk to the stockholders. The entrustment risk is the main reason of the damage to the stockholders and it is the main obstacles to the massive potential investors. It is a key problem how to reduce or even eliminate the entrustment risk to protect the benefit of the investors and attract the investment. Therefore, apart from the further improvement of the administration structure of the companies, we still have two administration systems to choose: the education channel off system and the regulated punishment system.