"金股":国有银行吸引战略投资者的有效途径——兼论国有银行股权设计  

Golden Share: An Effective Channel for State - owned Banks to Attract strategicInvestor

作　　者：郭武平[1] 

机构地区：[1]中国银行业监督管理委员会,北京100800

出　　处：《金融研究》2004年第8期78-85,共8页Journal of Financial Research

摘　　要：国有银行作为国有独资企业,其改革路径将是先改制后上市,而改制能否成功取决于能否实现战略投资者、政府和银行三方共赢。金股作为一种股权创新,将表决权分为事前表决权和事后表决权(即否决权),在欧洲、亚洲等国家改革国有企业过程中得到了广泛运用。在我国国有银行中设立金股,一方面可扩大战略投资者表决权的影响力,增强其投资意愿,另一方面政府能够"有所为有所不为",不干预日常决策,但可相机选择行使否决权,同时银行不仅拥有更大的自治权(autonomy),而且在战略投资者与政府之间形成权利制衡,可完善其法人治理。The reforming path of state - owned banks is to restructure firstly and then to list. However, the restructuring will be successful or not depends on whether strategic investors, the government and banks can all win together. As an innovation of share rights, golden share, which has been widely practiced in European and Asian countries, ischaracteristic of ex post facto vote. The introduction of golden share into Chinese state - owned banks will enforce the investment willingness of strategic investors, empower the government on its discretion to exercise the right of vote on significant issues. It will also ensure that banks have reasonable autonomy and better corporate governance due to segregation of duties and rights between strategic investors and the government.

关 键 词：金股 否决权 股权创新 国有银行股份结构 

分 类 号：F832.3[经济管理—金融学]