变迁中的非上市公众公司治理法律规则

Changing Legal Rules of Corporate Governance concerning Non-listed Public Companies

非上市公众公司因其灵活的治理结构和较低的融资成本,成为公司上市前重要的组织形式。受交易效率与融资成本限制,非上市公众公司治理的相关规则必将以降低交易成本为基本理念。本文从非上市公众公司的制度特性入手,以准入、信托、退出三规则为线索,对非上市公众公司特殊的治理结构进行剖析,梳理治理脉络,完善治理规则。

Because of flexible governance structure and low financing costs,non-listed public company has become an important organization form before IPO.Owing to the restrictions of trading efficiency and financing costs,governance rules of non-listed public companies need to uphold the basic concept of reducing the transaction costs.Based on the institutional characteristics of non-listed public companies and the rules of access,trust and exit,this paper studies the governance structure of non-listed public companies and summarizes the governance context in order to perfect governance rules.