公司相互持股与中国企业改革——对发展条件、利弊影响及管制对策的分析

公司相互持股在中国形成的一些条件正在具备,许多同相互持股相似的现象与后果已经在中国出现,公司相互持股正在成为中国企业改革中一个引入瞩目的新问题。公司相互持股的出现对于中国经济发展和企业改革将产生许多新的影响,包括促进企业之间长期交易关系,保护专用性人力资产投资,导致企业资本虚增,出现新的内部人控制等。因此,对于公司相互持股的管制必须根据相互持股的效率,明确管制原则,采取新的对策措施。

Cross Shareholdings and China's Enterprises Reform:Conditions,Influence,and Regulation

In China,the conditions of cross shareholdings are coming into existence,and some phenomena and consequence similar to cross shareholdings have shown.Cross-shareholdings becomes a new focused issue in China's enterprises reform. Cross-shareholdings takes advantages on China's enterprises reform,as well as disadvantages including keeping long-term transaction relationship among firms,protection the investment of the specific human assets,unreal increase of firm capital and the emerging of new type of insider-control.Therefore,China should define the principle of the regulation of cross shareholdings and take new measures,according to the efficiency of cross-shareholdings.