企业所有权、公司治理与债权人利益保护

正常状态下,拥有企业所有权的内部人可能通过各种途径侵犯债权人的利益,通过完善债务契约能有效缓解这一问题.但前提是债权人能够获得企业经营情况的充分、可靠信息,从而保证债务契约的有效执行.因此,债权人参与公司治理的主要目标就是减少债权人与内部人之间的信息不对称.当企业价值或项目价值低于债务价值,或企业到期无法履约时,债权人应根据具体情况选择不同的保护措施.

Enterprise Ownership, Corporate Governance and the Protection of Creditors' Interests

The creditors' interests are often infringed by the insider with enterprise's ownership in common condition.But this problem can be mitigated by the financial contracts when the creditors can get the full and reliable information about financial position of the enterprise.So,the objective that creditors take part in the corporation governance is to reduce the information asymmetry between the insider and the creditors.When the enterprise value is less than debt value or the debt contracts can not be performed,the creditors should protect their interests through adopting all kinds of measures.