“两非”公司股权进场交易问题研究  

A Study on the Problem of Shares Transaction of the Non-Listed Closed and Open Companies in the Exchange Institute of Property Rights

作　　者：张卫东[1] 党蓁[1] 

机构地区：[1]华中科技大学经济学院,湖北武汉430074

出　　处：《华中科技大学学报（社会科学版）》2009年第3期78-84,共7页Journal of Huazhong University of Science and Technology(Social Science Edition)

基　　金：国家社科基金项目(05BJL025)

摘　　要：企业作为一种资源的组合,要想达到价值最大化,其股权必须能够流动(或交易)。相反,如果股权不能流动,资源就在一定程度上被锁定,无效率的状态就可能持续存在,要素的最佳组合就没有机会实现。对于"两非"公司来说,股权的流动还具有特别的意义:达到改制的目的、实现优质企业资本和优质人力资本的最佳结合、为风险投资提供退出通道、融资、降低委托-代理成本。由于现有的产权交易所是专业化的交易组织,因而"两非"公司进产权交易所交易可以降低信息成本,更好地发现价格,并降低议价成本,从而提高交易效率。"两非"公司的股权交易模式可以借鉴现有的"一体化"交易模式,还可以根据情况创新交易模式。Transferability （or transaction） of shares （or ownership rights） is indispensable to maximize the value of a finn as a combination of resources. Indeed, if the ownership rights are not transferable, the resources of a firm are locked-in in some degree, therefore the optimal allocation of a finn＇ s resources can not be achieved and inefficiency may persist. Transferability of shares is particular important for the Non-Listed Closed and Open Companies to achieve the following goals： restructuring of enterprise, the optimal combina- tion of good human capital and good enterprise capital, the supply of way - out for venture capital, financing, decreasing principal-agent cost. Because the existed property rights exchange institutes are specialized transac- tion organizations, it is a good choice for these companies to go into the institutes to transfer their shares. It is useful for them to reduce the information cost and negotiation cost, discover price of transfer better, in order to increase the efficiency of transaction. The exchange of the shares can refer the exchange model of ＂integration＂ existed in institutes, and the institutes can also innovate new model of transaction depending on circumstances.

关 键 词：“两非”公司 股权流动 进场交易 一体化 交易模式 

分 类 号：F293.3[经济管理—国民经济]