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论文编号：	4995
作者编号：	2220060873
上传时间：	2013/2/26 15:09:53
中文题目：	中国民营有限责任公司股权结构演进问题研究
英文题目：	A Study on the Ownership Structure Evolution of Chinese Private Limited Liability Company
指导老师：	马连福
中文关键字：	民营企业，有限责任公司，股权结构，演进路径
英文关键字：	Private Enterprises, Limited Liability Company, Ownership Structure, Evolution Path
中文摘要：	中国非公有制经济经过近三十年的发展，民营企业无论在数量、产值还是在雇工人数上，在国民经济中都发挥着举足轻重的作用，而民营企业的主体形式是有限责任公司。本文探讨民营有限责任公司的股权结构演进问题，对企业理论、公司法学、公司治理理论具有理论意义，对中国民营有限责任公司成功实施股权结构演进具有指导意义。本文以规范研究为主，并结合案例进行实证研究，全文共分六章。第一章为全文引言。第二章，从两个方面论述了民营有限责任公司存在的局限，并在此基础上，提出民营有限责任公司进行股权结构演进的必要性。第三章，从民营有限责任公司的股份制改革、上市和集团化发展的方面论述了民营有限责任公司股权结构演进的路径。第四章，从融资、高管激励和公司治理结构三个方面论证了民营有限责任公司股权结构演进的积极影响。第五章，以南方风机股份有限公司为案例，对论文前面各章的研究结果进行验证。第六章，是全文结论。本文的研究结论包括：首先，民营有限责任公司在发展过程中会遇到管理和融资瓶颈，在产权流动、高管激励和公司治理结构等方面也存在局限；因此，民营有限责任公司具有股权结构演进的必要性。其次，民营有限责任公司股权结构演进的理想路径为：有限责任公司?股份有限公司?上市公司?企业集团。再次，民营有限责任公司的股权结构演进可以拓展融资渠道，缓解融资困境；可以促进高管激励的实施，使高管利益与企业利益相一致；可以完善公司治理结构，实现决策的科学，并协调与利益相关者的关系。本文的研究创新主要体现在以下两个方面：首先，本文将研究的对象选择为民营有限责任公司，能够弥补先前研究仅研究上市公司的不足；第二，本文从多方面分析有限责任公司股权结构演进的内在机制，突破了传统研究的双因素或三因素分析模式。
英文摘要：	After nearly three decades’ development of non-public ownership, Chinese private enterprises have played a pivotal role in the national economy, in terms of quantity, the output value and the number of employees. While, the main form of private enterprises is the limited liability company. This thesis explores the ownership structure evolution of Chinese private limited liability company, which is of theoretical significance for the theory of the firm, the science of company law and the theory of corporate governance, and which is of guiding significance for the successful implementation of the ownership structure evolution of Chinese private limited liability company then. This thesis is mainly a normative research supplemented by a case research. The structure of this thesis is as follows. Chapter 1 is the introduction of the thesis. Chapter 2 puts forward the limitations of the private limited liability company in two aspects, on the basis of which argues the necessity of the ownership structure evolution of the private limited liability company. Chapter 3 discusses the path of the ownership structure evolution of the private limited liability company from three respects, i.e. the reform of joint-stock, listing and group development. Chapter 4 demonstrates the positive impacts of the ownership structure evolution of the private limited liability company on financing, incentive for executives and corporate governance structure. Based on the case of NanFeng Ventilator Company Limited, Chapter 5 tests the findings of this thesis discussed in above chapters. Chapter 6 is the conclusion. The conclusions of this thesis include: First, since private limited liability companies will be encountered bottlenecks in management and financing in their developments and have limitations in the flow of property rights, the incentive for executives and corporate governance structure, it is necessary for them to implement an evolution of ownership structure. Second, the ideal path of ownership structure evolution for the private limited liability is: Limited Liability Company?Limited Company by Shares?Listed Company?Enterprise Group. Third, the ownership structure evolution of private limited liability company can expand financing channels to ease the financing difficulties; can promote the implementation of the incentive for executives to make the interest to be consistent between executives and the company; can improve the corporate governance structure to insure the scientific decision and coordinate the relationship between the company and stakeholders. The innovations of this thesis lie in two aspects: First, this thesis selects the private limited liability company as the research object, which makes up for previous literatures most of which only studies the listed companies. Second, this thesis analyses the internal mechanism of the ownership structure evolution of the limited liability company from many aspects, which breaks through the two-factor or three-factor analysis modes in traditional research.
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