AMC持股形式及其对企业治理结构的影响

On the Quality of the Stock Owned by AMC and Its Influences on the Corporate Governance

AMC的任务是处置银行不良资产,其深层次意义在于推动国企改革、建立现代企业制度。AMC以优先股持股不仅具有固定收益、有效维护国有资产权益等优点,而且从公司多边治理结构角度分析AMC所持股份作为理论上的普通股,而实际上的类债权性质对公司治理结构也具有积极意义。同时,我们应修改《公司法》,允许债权出资,明确优先股的法律地位,吸收多方主体参与公司治理结构。

The tasks of AMC are not only to solve the problems of state banks' bad assets, but more to push on the reform in the state enterprises and set up more modern enterprise institutions. AMC has many advantages to own preference stocks such as steady incomes, defending the rights and interests of state assets and so on. And it's also significative that the stocks are owned by AMC as common stocks in theory but with the characters of similarity to debts in practice from view of multilateral management of companies. At the same time, we should revise the company law, clear the law quality of preference stock and draw all kinds of subjects into corporate governance.