债权治理初探

负债不仅是企业融通资金的一种方式,还具有公司治理功能。不同种类、期限、优先权的负债,其公司治理效率是不同的。债权治理是指企业债权人作为公司治理主体之一对企业实施的治理。债权治理的方式主要有合同治理、流动性治理和控制权治理等。为了改善和提高我国公司治理效率,实现债权治理,应当建立有效的破产机制、推进国有商业银行的公司化改革、大力发展公司债券市场以及优化企业负债结构,创新负债融资工具等。

A Tentative Study on Creditor Governance

Abstract: Debt,a means of financing,plays the role of the corporate governance.The governance efficiency of the debt varies according to its type,deadline and priority.The creditor governance,mainly including contract governance,liquidity governance and control-right governance,means governing a corporation with creditors function as one of the governance parties.To enhance the governance efficiency of domestic companies and realize creditor governance,the effective bankruptcy system should be built up;the reforms of the state-owned commercial banks should be advanced;the security market should be quickly developed;the debt structure of the firms should be optimized;and the new financing tools concerning debt should be brought forth.