后私有化时期俄罗斯股权结构特征及其对中国的启示——基于终极所有权结构视角的案例分析和比较研究  

The Characteristics of Russian Ownership Structures in the Period of Post- privatization and What China can Learn from It: Case Analysis and Comparative Study Based on the Perspective of the Ultimate Ownership Structure

作　　者：甄红线[1,2] 

机构地区：[1]大连理工大学管理与经济学部 [2]东北财经大学中国内部控制研究中心

出　　处：《经济社会体制比较》2014年第2期156-167,共12页Comparative Economic & Social Systems

基　　金：国家自然科学基金面上项目"基于制度环境的隐性终极控制权;投资者保护与公司绩效研究"(项目编号:71072140);"基于投资者结构和行为的资产定价理论与经验研究"(项目编号:71171036)

摘　　要：文章采用案例分析和追溯控制链的终极所有权研究方法,分析俄罗斯后私有化时期上市公司股权结构的特征,从公司治理结构的视角评价了私有化改革的效果。研究结果表明,俄罗斯上市公司的股权结构极度不透明,私人投资者以匿名的方式利用代理公司和境外离岸公司在背后间接控制上市公司;从终极所有权的角度看,俄罗斯企业的私有化程度非常低,其实质是俄罗斯政府改变了对企业控制的方式,即由过去的政府直接持股,转变为主要通过金字塔结构和其他控制权安排(比如"黄金股票")的间接控制;通过与中国上市公司股权结构的比较,文章发现两国上市公司的股权结构都表现出高度集中、政府机构最终控制的特点。对中国而言,国有企业改革是一个循序渐进的过程,应避免俄罗斯快速民营化所产生的不良后果,加强上市公司股东信息披露制度建设。另外,中国政府可借鉴俄罗斯的方式采用黄金股票等手段监控在国民经济中发挥重要作用的非大型企业。This paper analyzes the characteristics of the ownership structure of listed companies in Russia in the post -privatization period using the methods of case analysis and tracing the chain of control to the ultimate owners in order to evaluate the effects of privatization reform from the perspective of corporate governance struc- ture. The conclusions show that the ownership structures of Russian companies are extremely opaque. Private investors indirectly control listed companies behind nominees and offshore firms by means of anonymous hold- ings. From the perspective of ultimate ownership, the degree of privatization in Russia is very low. Actually the Russian government changed the control arrangements from direct control to indirect control mainly by using a pyramid structure and other arrangements （for example, golden shares）. Comparing the ownership structure of listed companies in China, we find that the ownership structures of the two countries are both highly concentrat- ed and under the ultimate control of government agencies. In China, the reform of state - owned enterprises is a gradual process, and we should avoid the adverse consequences of rapid privatization that happened in Russia. We should strengthen the construction of an information disclosure institution for shareholders in Chinese public companies. At the same time, the Chinese government can draw lessons from Russia by way of golden shares and other means to monitor the not so large enterprises that play an important role in our national economy.

关 键 词：股权结构 终极所有权 公司治理 政府控制 

分 类 号：F11[经济管理—国际贸易] F83[经济管理—世界经济]