近代中国股份制公司的资本筹集——以轮船招商局为个案  

Capital Raising System of Joint-Stock Company in Modern China——A Case Study of China Merchants Steamship Navigation Company

作　　者：张玲玉 ZHANG Lingyu

机构地区：[1]对外经济贸易大学

出　　处：《经贸法律评论》2022年第5期124-142,共19页Business and Economic Law Review

基　　金：国家社会科学基金重大项目“推动高质量发展的质量治理体系与政策研究”(项目批准号:18ZDA079)。

摘　　要：招商局的筹集资本主要通过三条途径:其一为招股,其二为官款,其三为借贷。回顾招商局的筹资历程,可以看出近代中国股份制公司资本筹集制度具备以下特点:企业领袖在解决“招股难”问题上起着关键作用;股权和债权长期共存;为弥补股本之不足,公司需要向钱庄、银行等金融机构借贷以维持经营,导致了较高的负债比例。从近代中国股份制公司的筹资历程可以看出,股份制公司在发展之初多为承担国家富强使命的大中型公司,这也启示当下中国股份制公司的类型调整仍要尊重历史和现实规律,着眼于大中型公司。与此同时,在“债转股”和政府权力介入公司发展等实践方面,近代股份制公司已经积累了较为丰富的经验和教训,可为当下的“债转股”和国企改革提供镜鉴。China Merchants Steamship Navigation Company raised its capital mainly through three ways: offering, the official funds and borrowing. Looking back on the financing process of China Merchants Steamship Navigation Company, we can see that the capital raising system of joint-stock companies in modern China has the following characteristics:Business leaders play a key role in solving the difficult problem of “raising capital”;Equity and creditor’s rights coexist for a long time;To make up for the lack of equity, companies needed to borrow capital from native banks, banks and other financial institutions, resulting in a high debt ratio. From the financing process of modern Chinese joint-stock companies, it can be seen that joint-stock companies were mostly large and medium-sized companies undertaking the mission of national prosperity at the beginning of their development, which also reveals that the current type adjustment of Chinese joint-stock companies should still respect history and realistic laws, focusing on large and medium-sized companies. At the same time, modern joint-stock companies have accumulated rich experience and lessons in the practice of “debt-to-equity swap” and the intervention of government power in corporate development, which can provide a mirror for the current “debt-to-equity swap”and the reform of state-owned enterprises.

关 键 词：股份制公司 资本筹集 轮船招商局 

分 类 号：D922.291.91[政治法律—经济法学]