【作者】 王少丹；

【导师】 赵德志；

【作者基本信息】 辽宁大学 ， 企业管理， 2009， 博士

【摘要】 论文的目的是研究项目融资公司的公司治理问题,为其构建一种效率更高的公司治理模式,以此提高其公司治理水平。研究的理论价值在于项目融资公司是负责管理项目融资的公司,而项目融资传统上属于金融学的研究领域,学者们多侧重于研究其融资结构和风险管理方式,公司治理属于经济学和管理学的研究领域,学者们多侧重于研究一般上市公司的治理问题。因此,作为多学科交叉的项目融资公司的公司治理问题,便长期被学者们忽略,至今仍是一个研究空白。研究的实践价值在于我国目前处于主要依靠投资拉动经济发展的阶段,项目融资公司在国民经济中占有重要地位,但是项目融资公司在实践中仍沿用一般公司的传统治理模式,因公司治理的缺陷导致项目融资公司的经营出现问题的案例屡见不鲜。因此,提高项目融资公司的管理效率,对于保障我国重大基础设施项目的投资成功,保持我国经济持续稳定发展,具有十分重要的作用。论文采用了逻辑分析、定性分析与定量分析和比较分析与实证分析等研究方法,在以下四个方面取得了具有创新意义的研究成果:首先,论文从资产专用性的角度揭示了项目融资公司治理问题的特殊性。与一般公司相比,项目融资公司在行业分布、财务特征、资产特征和资本结构方面存在着显著的特殊性,其根本特征是专门从事专用性资产投资,由大量契约组成的公司。因此,传统的家族主导、股东主导、债权人主导和政府主导等四种公司治理模式都无法彻底解决项目融资公司治理中存在的道德风险和“敲竹杠”等问题,因此需要为项目融资公司构建新型的治理模式。其次,论文从契约理论的角度重新审视了项目融资公司的公司治理,将契约理论和资产专用性理论作为分析项目融资公司的基础理论分析工具,从企业是一组契约组合出发,从契约治理的角度分析公司治理问题,从而推导出公司治理就是对组成公司的契约进行治理,项目融资公司的公司治理问题就是如何对对资产专用性强的长期契约进行治理。构建公司治理模式的关键则是完善和修订相关的合同和契约的内部条款,强化契约之间相互约束的外部关系。第三,论文设计了项目融资公司治理模式并对其治理效率进行了实证分析。项目融资公司治理模式需要解决如何通过项目契约和融资契约分散专用性资产的风险并合理分配各个利益相关者的治理权益的问题。传统的公司治理模式呈现从单边治理到共同治理的发展趋势,利益相关者越来越多地参与到公司治理中来。这种共同治理的趋势也符合契约理论要求各个缔约者利益均衡的原理。因此,论文在利益相关者共同治理的基础上,提出了项目融资公司治理模式要满足的公司治理契约化、事前投资激励最大化、风险分担与控制权转移对称化、事后剩余控制权最小化和公司治理弹性化等五条项目融资公司治理模式的特殊标准,通过对长期销售协议、建设协议、原料供应协议、运营和维护协议等一系列项目契约,股本支持协议和贷款协议等融资契约,以及各契约之间的关系提出治理要求,构建了一套完整的项目融资公司治理模式。这种治理模式可以初步表述为:一种由股东、债权人和其他利益相关者通过事前签订一系列的契约,分享公司治理权益,分担公司的经营风险的共同治理模式。项目融资公司治理模式是一种有弹性的治理模式,各利益相关者在公司治理中发挥作用的大小,将根据其投入的专用性资产的重要性而变化。这种治理模式的优势是降低了项目融资公司的代理成本,避免了投资不足,建立了利益相关者共同治理的激励相容约束机制,可以获得长期稳定的公司治理参与者,能够在保护债权人利益的基础上,符合卡尔多-希克斯标准。该治理模式的局限性是事前的交易成本较高,存在滥用法人格和“公司法人格否认”问题,以及仅适用于业务类型比较单一的公司。论文从数据库ProjectWare中选择了1998年1月–2003年5月拥有贷款息差的1145个项目融资公司和拥有债务/权益比例的1278个项目融资公司作为分析样本,从实证的角度证明了事前签订了长期销售协议、建设协议、原料供应协议或运营和维护协议的项目融资公司比没有签订这些长期契约的息差更低,债务/权益比例更高,即建立了项目融资公司治理模式的企业比没有建立的管理效率更高。最后,论文为如何借鉴项目融资公司治理模式,提高我国企业的公司治理效率提出了建议。我国国有股东、公众股东、家族股东、债权人和作为交易对手的其他利益相关者等公司治理参与者都具备一定的治理能力,具备应用项目融资公司治理模式的条件。论文参照项目融资公司治理的一般模式,为电力生产、收费公路和城市基础设施等三个在我国最典型、规模最大的专用性资产投资领域,具体设计了符合各领域特点的公司治理模式,并论证了项目融资公司治理模式也可以在我国国有控股企业中广泛适用。因此,论文提出了根据各类公司的特点差异化选择公司治理模式,在我国电力、公路和城建领域推广项目融资公司治理模式以及培育利益相关者参与公司治理的意识和外部条件等三个方面的建议,为提高我国企业公司治理水平提供参考。更多还原

【Abstract】 The purpose of this paper is studying corporate governance of project finance companys and trying to setup a new coprate governance pattern for project finance companys in order to promote their management efficiency. The theory value of this study is as follows. The project finance companys are the companys in charge of managing project finance. Project finance traditionally belongs to finance area. The reseachers always study its finance structure and risk management. Corporate governance belongs to economic and management area. Reseachers always study the corporate governance of listed companys. As the cross area of several subject, the corporate governance of corporate finance company is still a blank area. The practice value of this study is as follows. Infrustructer investment is the power of economic development in China. Project finance companys are very important in Chinese economy, but they still use normal corporate governance patterns. The shortcomings of corporate governance sometime make there project companys fail in management. So promote the corporate governance level of the project finance companys is very important to support the suceess of big infrastructure investment and the continued economy development.The paper uses logical analyse, qualitative and quantitive analyse, comparable analyse and evidence analyse to reseach and get some innovative results as follows:Firstly, the paper finds the special characters of project finance companys from the specialty assets view. Comparing with normal corporates, project finance companys are special in the area of dispersal of industry, finance characters, asset characters and capital structure. Their basic charater is a company focusing in specialty assets investment and composed with lots of contracts. Traditional corporate governance patterns such as family dominated pattern, share holder dominated pattern, creditor dominated pattern and government dominated pattern are not fit for project companys. They can’t solve moral hazard and hold-up problems, so the project finance companys need a new pattern.Secondly, the paper rescans corporate governance from the contract theory view. It uses contract theory and specialty assets theory as basic analytic tools. It takes the companys as a group of contracts and analyse corporate governance problems from the view of contract governance. So the corporate governance of project finance company is how to governance the long term contract of specialty assets. The key point of setting up th new corporate governance pattern is modifying the content of the relavent contract and managing the relationship of contracts.Thirdly, the paper sets up a project finance company corporate governance pattern and demonstrates it with real evidence. The new pattern needs to solute how to spread the risk and allocate the rights of governance among the stake holders by project contracts and finace contracts. According to the order of different corporate governance patterns appearance, the trend is single side governance changing to multi-sides governance. More and more stakeholders involve in corporate governance. The common governance trand also follows the contract theory which says the contractors should be treated eaqully. So based on the stake shold common governance pattern, the paper provides five standards of building project finance company corporate governance patern, which are governance by contract, maximum ex-ante incentive, symmetrical risk sharing and right transferring, minimum ex-post residual right and flexible. By giving the requirement of how to manage selling contract, buying contract, construction contract, O&M contract and credit contract, we setup the SPV governant patern. This patern can be summarized as a common governance patern by signing contracts with shareholder, creditor and other stakeholder ex-anti, sharing governance rights and risks.The project finance company corporate governance pattern is a flexible pattern. The status of stakeholder is decided by the importance of the specialty assets he invests. The advantage of this pattern is lowering the agent cost, avoiding lack of investment and setting up an incentive compatibility mechanism for stakeholds joining corporate governance. This pattern can have longterm stable governance joiners, can protact the shareholders and creditors interest at the same time, which followes Kaldor - Hicks standard. The shortcoming of this pattern is ex-ante trade cost is relative high, disregard of corporate personality and only fitting for one main business companies.The paper uses database, Project Ware (Dealogic), to select 1145 project finance data with spread available and 1278 project finance data with debt/equity available from Jan 1998 to May 2003 as a sample, to verify the project finance companys who set up the project finance company corporate governance pattern by signing longterm project contract ex-anti, have lower spread and higher debt/equity ratio than those who doesn’t. That means the former is more efficient than the latter.Finally, the paper gives some advices about how to use the project finance company corporate governance patter to promote Chinese companys’management efficiency. The state owned shareholder, public shareholder, family shareholder, creditor and stakeholder who act as counterparties, they all have the ability of governance, which shows that it is possible to set up project finance company corporate governance pattern. After that, the paper builds three specific governance patterns for power, toll road and public utility which has the most project finance company in China and verifies the pattern can also be used for some state owned companies. The paper has four suggestions to inprove Chinese companies, which are to select corporate governance pattern base on the company’s own character, to use project finance company corporate governance pattern in infrastructure investment area and to nurture all kinds of stakeholders’governance ability.更多还原