全流通条件下上市公司控制权转移机制研究

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浙江财经学院硕士学位论文

摘要

在国外，上市公司治理的相关问题都是以股份全流通为条件的；在我国，由

于历史原因使得我们上市公司的股份不是全流通，而是股权分置。股权分置在特

定的历史条件下发挥了一定作用，但是随着我国资本市场的发展，股权分置的制

度设计缺陷逐步显露，是造成我国资本市场低效的根本原因之一，损害了相关者

的利益。基于上述弊端，在 2005 年 4 月我国开始了具有划时代意义的股权分置改

革，随着股权分置改革的深入，以及“大非”、“小非”的逐步解禁，我国必将迎

来真正的全流通时代。

公司控制权是公司治理的核心所在，是保证公司规范经营和公司健康发展的

决定因素。其主要通过控制权市场进行控制权转移来实现其公司治理机制，对管

理者施加影响，使管理行为符合公司及股东的最大利益。同时，也有连接微观企

业治理和宏观资本市场创新的功能。

对上市公司控制权转移问题的研究将涉及到公司相关利益者之间的矛盾，是

上市公司的一次权力重构。本文主要通过对股权分置改革前后我国控制权转移机

制进行理论分析和统计与案例分析，理论分析从国外和国内两个角度进行，重点

是国内的理论分析，国内的理论分析和后面的案例分析相呼应，同时对股改前已

经全流通的五家“三无概念”公司进行统计分析，以期为即将迎来的真正的全流

通时代提供有益借鉴和参考，从中探究前后两者的差异，寻求在全流通条件下如

何通过控制权转移这个机制，更好的保护相关者利益，实现股权分置改革的初衷。

四个章节的具体安排如下：

第一章，绪论部分。在介绍研究背景、意义、方法、思路的基础上，对控制

权转移的相关概念进行梳理，说明了本文后续研究中涉及的相关概念。然后对控

制权转移的研究现状做了综述，为本文研究提供研究依据的同时，提出了本文的

研究角度和意义。

第二章，控制权转移机制的理论分析部分。首先，回顾了国内外主要是国外

关于控制权转移的动因理论，接着对动因理论进行简要地评述。然后，比较分析

了国外两种控制权转移机制，即英美模式和日德模式，并分析了两种模式下控制

权转移机制的差异和原因。最后，比较分析了我国在全流通和非全流通(后统称为

股权分置)条件下控制权转移机制各自所表现的不同特征，解释产生差异的原因。

第三章，控制权转移机制的实证分析部分。实证分析部分主要进行统计分析

浙江财经学院硕士学位论文

和案例分析。在统计分析部分进行了两组分析：其一，分别统计分析了股权分置

条件下(从 1993 年到 2005 年)和全流通条件下(2006 年)控制权转移情况，这组统

计分析主要是和第二章有关股权分置改革前后控制权转移的理论分析进行对比；

其二，是对五家全流通公司从 1993 年以来所发生的控制权权转移的总体情况做了

统计分析，这部分的统计分析和后面案例分析，主要是为在真正全流通条件下的

控制权转移提供借鉴和参考。在案例分析部分，选择了有典型意义的全流通公司

方正科技即延中实业，详细分析了其四次控制权转移事件，其目的是为了对在全

流通条件下如何规范控制权转移机制提供启示。

第四章，结论和建议部分。通过上述研究得到的结论主要是，全流通前后控

制权转移机制有着显著不同的特征，全流通解决了非流通股票流通的问题，并不

是解决我国目前上市公司治理问题的“良药”，也不是可以独立发挥作用的“良药”，

全流通自身同样面临着自己的问题，如何通过控制权转移机制来规范控制权市场、

保护相关者利益不受侵害、最大限度的发挥控制权转移机制的外部治理效果是我

们迫切需要解决的现实问题。据此提出建议，应该进一步优化股权结构、完善法

制环境、强化董事会职能、完善信息功能、加强对中小股东利益的切实保护和对

外资并购行为的严格监管等，通过这些措施完善全流通条件下控制权转移机制，

从而实现股权分置改革的初衷。要做到这些，关键是转变政府职能，依法治市。

关键词：股权分置改革；全流通；控制权；控制权转移；控制权转移机制

浙江财经学院硕士学位论文

III

ABSTRACT

In foreign countries, related issues of the listed company’s governance take the full

circulation of stock as the conditions. In china, owing to historical reasons, the stock of

our listed companies are not in full circulation, but in the context of

separation of stock control right, which, in some specific historical periods, played a

certain role. However, with the development of China's capital market, the design flaws

about separation of stock control right gradually emerged. It is the fundamental reason

for the low efficiency of China's capital market, and it also harms related shareholders’

interest. Based on the above-mentioned drawbacks, we began the epoch-making reform

on separation of stock control right in April 2005. With the deepening of the reform, and

with “major” and “small” non-tradable stock gradually free from ban, we are bound to

be in a true full circulation period.

The stock control right of the company is the core of its governance, and is also

the decisive factor to ensure that company’s standardized operation and sound

development. The company’s governance mechanism can be realized mainly through

transfer of stock control right by controlling market and through exerting effect on

managers and making companies management conform to the best interests of

shareholders. At the same time, it has the function of connecting micro-enterprise

management with macro capital markets’ innovation.

Study on the transfer of stock control right of Listed company will involve the

interests of its related stakeholders. And it is also a reconstruction of power. This paper

mainly studies the transfer mechanism of stock control right before and after the reform

on separation of stock control right in several ways, which includes theoretical analysis,

statistical and case analysis. Theoretical analysis is done from foreign and domestic

perspective, and the focus is domestic theoretical analysis. The theoretical analysis in

our own country should match with the case analysis. Meanwhile, we do some

statistical analysis on five “Three-Nos” companies, which have been in full circulation

before the reform, so that we can provide useful reference for the coming period of full

circulation. Furthermore, we can explore the differences between the two in order to

explore the way to transfer the mechanism by owning stock control right in full

circulation. In this way, we can protect stakeholders’ interests better to achieve the

primary purposes of the reform on separation of stock control right.

浙江财经学院硕士学位论文

The paper includes four chapters as follows:

Chapter1 is the introduction. On the basis of introducing the research background,

significance, methods and arrangement about this paper, this chapter explains related

concepts about transfer of stock control right. At the same time, it also introduces the

related concepts which will appear in the following parts. Then it summarizes the

present research situations on transfer of stock control right, which provides the

research basis for the paper and also puts forward the research point of view and

significance of this paper.

Chapter II is the theoretical analysis of the transfer mechanism of stock control

right. Firstly, it introduces the motive theory of the foreign transfer of stock control right,

and then gives a brief review on the motive theory. Secondly, a comparative analysis is

been done between the model of England and USA and the model of Japan and

Germany. Furthermore, it analyzes the differences and reasons for these two transfer

mechanisms of stock control right. Thirdly, it comparatively analyzes the different

characteristics of transfer mechanism of stock control right in the context of our full

circulation and non-full circulation, and also explains the reasons for differences.

Chapter III is demonstration analysis of transfer mechanism of stock control right

which mainly includes statistical analysis and case analysis. The statistical analysis has

two parts: Firstly, the statistical analysis includes the transfer of stock control right in

the context of separation of stock control right (from 1993 to 2005) and full

circulation(2006). This analysis is done to compare with theoretical analysis of the

transfer mechanism of stock control right in the second part. Secondly, it does a

statistical analysis on the general conditions of transfer of stock control right about five

companies in full circulation since1993. The statistical analysis and the following case

analysis provides the reference for transfer of stock control right in real full circulation.

In the part of case analysis, it chooses the typical FangZheng Technology Company and

analyzes the four transfers of its stock control right in detail, in order to provide some

reflection for how to regulate transfer mechanism of stock control right in full

circulation.

Chapter IV is conclusions and advice. Through the above-mentioned study, we can

conclude: the transfer mechanism of stock control right has obvious and different

characteristics before and after the full circulation. The full circulation solved the

circulation problem of non-tradable share, but it can not solve all the problems of

浙江财经学院硕士学位论文

currently listed companies in China, for it can’t function independently. The full

circulation itself is also facing problems. It is an urgent problem needed to be solved in

time about how to regulate the market through transfer mechanism of stock control right,

protect interests of related stakeholders and bring the effect of external governance on

transfer mechanism of stock control right into full play. Based on this, this part gives

some advice. We should further optimize the structure of stock control right, improve

the environment of governing by law, intensify the function of board, complete the

information function, strengthen protection of interests of small and medium-sized

shareholders, strictly supervise the incorporation and purchase of foreign capital, and so

on. The transfer mechanism of stock control right can be improved through these

measures and purposes of the reform on separation of stock control right can be

achieved. To achieve these, the key is to change and complete the government’s

function and govern the stock market by law.

Key words: the reform on separation of stock control right; full

circulation control right; transfer of control right; transfer mechanism of

control right

浙江财经学院硕士学位论文

第一章绪论 ………………………………………………………1

第一节研究背景意义和方法思路 ……………………………1

第二节相关概念 ………………………………………………3

第三节国内外研究现状……………………………………… 7

第二章上市公司控制权转移理论分析 ……………………………11

第一节控制权转移的动因分析………………………………11

第二节国外控制权转移机制分析……………………………14

第三节我国控制权转移机制分析……………………………16

第三章我国上市公司控制权转移机制实证分析 …………………28

第一节上市公司控制权转移统计分析………………………28

第二节全流通案例分析………………………………………38

第四章研究结论和政策建议 ………………………………………48

第一节研究结论………………………………………………48

第二节政策建议………………………………………………50

参考文献………………………………………………………………61

附录………………………………………………………………65

致谢………………………………………………………………66

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摘要：

浙江财经学院硕士学位论文I摘要在国外，上市公司治理的相关问题都是以股份全流通为条件的；在我国，由于历史原因使得我们上市公司的股份不是全流通，而是股权分置。股权分置在特定的历史条件下发挥了一定作用，但是随着我国资本市场的发展，股权分置的制度设计缺陷逐步显露，是造成我国资本市场低效的根本原因之一，损害了相关者的利益。基于上述弊端，在2005年4月我国开始了具有划时代意义的股权分置改革，随着股权分置改革的深入，以及“大非”、“小非”的逐步解禁，我国必将迎来真正的全流通时代。公司控制权是公司治理的核心所在，是保证公司规范经营和公司健康发展的决定因素。其主要通过控制权市场进行控制权转移来实现其公司治理机...

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