河北法学
河北法學
하북법학
Hebei Law Science
2015年
5期
167~175
,共null页
私募股权投资 优先股 原因与意义 选择与适用
私募股權投資 優先股 原因與意義 選擇與適用
사모고권투자 우선고 원인여의의 선택여괄용
private equity ; preference shares ; reason and meaning ; select and appliance
私募股权投融资双方存在严重的信息不对称,从而必然产生委托———代理问题,需要普通股和债权以外新的投资工具以满足双方的个性化需求。优先股在满足不同投资者的风险偏好、完善被投企业公司治理、平衡不同投资者间利益冲突及化解投资退出矛盾等方面具有现实意义。法律的缺位为投融资双方适用优先股作为投资工具增加了不必要的制度成本,私募股权投资适用优先股的本土化路径从根本上看应当解除公司设立类别股份的桎梏,将不同种类股份设立的权利回归私法自治。
私募股權投融資雙方存在嚴重的信息不對稱,從而必然產生委託———代理問題,需要普通股和債權以外新的投資工具以滿足雙方的箇性化需求。優先股在滿足不同投資者的風險偏好、完善被投企業公司治理、平衡不同投資者間利益遲突及化解投資退齣矛盾等方麵具有現實意義。法律的缺位為投融資雙方適用優先股作為投資工具增加瞭不必要的製度成本,私募股權投資適用優先股的本土化路徑從根本上看應噹解除公司設立類彆股份的桎梏,將不同種類股份設立的權利迴歸私法自治。
사모고권투융자쌍방존재엄중적신식불대칭,종이필연산생위탁———대리문제,수요보통고화채권이외신적투자공구이만족쌍방적개성화수구。우선고재만족불동투자자적풍험편호、완선피투기업공사치리、평형불동투자자간이익충돌급화해투자퇴출모순등방면구유현실의의。법률적결위위투융자쌍방괄용우선고작위투자공구증가료불필요적제도성본,사모고권투자괄용우선고적본토화로경종근본상간응당해제공사설립유별고빈적질곡,장불동충류고빈설립적권리회귀사법자치。
There is a serious problem about information asymmetry between investment and financing both sides of private equity investment, thus the principal-agent problem inevitably produces. New investment tools are needed to meet both individual needs other than ordinary shares and debt. Preference shares have practical significance to meet different investors＇ risk appetite, to improve corporate governance of the invested companies, to balance interests conflicts between different investors, and to resolve the contradiction in investment exit. The absence of law adds unnecessary system cost to investment and financing both sides applying preference shares as an investment tool. Fundamentally, localization path should be releasing from the shackles of company setting up classes of shares, and the rights of setting up classes of shares return to private autonomy which preference shares are applied to private equity.
