夹层资本、契约条款治理机制与国有企业混合所有制改革

摘要

Based on the mezzanine capital cases,a theoretical framework on contract terms of mezzanine capital is put forward.From the perspective of state-owned enterprises,this paper qualitatively partitions the contract’s types and analyzes the governance mechanism behind the terms in different cases.First of all,this article divides the “initiative”,and judges the decision-making power of state-owned enterprises as facing different investors.Secondly,with the thought of“initiative”,the contract terms are divided into incentive terms,protective terms and inhibitory terms.Additionally,this paper parses to the functions of corporate governance in different qualitative terms,and provides advice to state-owned enterprises which participate in the mixed ownership reformation from the angle of terms.%本文结合公开市场发行夹层资本案例和定向发行夹层资本融资并购案例，提出夹层资本契约条款理论分析框架。从国有企业角度借鉴现有夹层契约条款，质性划分条款类型并挖掘不同融资并购情形下条款背后的治理机制。首先，本文将通过划分契约条款设计“主动权”的归属，明晰国有企业面对不同类型投资者的决策力量。其次，承接“主动权”思想，将条款质性划分为激励性、保护性和抑制性，解析其背后隐含的公司治理功能。最后，从条款角度为参与国企混合所有制改革的企业提出使用建议。