政策性融资担保机构是有效破解小微企业和“三农”融资困境的生力军，对 “稳 增长、调结构、惠民生” 具有重要作用，也为当前产业扶贫等扶贫项目提供了有效 的资金供应保障。为此，国家从顶层设计上积极推动构建政策性融资担保体系，涵盖 了“国家-省-辖区”三级，其中，从该体系的纵向链接来看，上一级融资担保机构主 要通过“入股”、“再担保”等方式为下层级融资担保机构进行背书和增信。随着“上 级入股”风潮正劲，势必对下层级实力较弱的融资担保机构的公司治理产生积极影响。 作为现代企业制度的核心，公司治理问题越来越被人们重视，国内外关于公司治理的 概念、特征、作用及发展方向等方面研究也硕果累累，均为本文探讨政策性融资担保 机构的公司治理提供了可参考的理论依据及思考方向。 本文立足于公司治理的相关概念、基础理论，以ZD融资担保机构为样本进行研 究，通过对其公司治理现状进行调查，分析其存在的问题，并以理论指导实践，总结 问题出现的原因，并尝试提出建设性优化建议。研究内容安排如下： 首先，分析目前学术界关于公司治理的相关理论，以理论视角寻找公司治理过程 中常见问题及相应的优化途径。 其次，调查分析ZD融资担保机构的公司治理现状，针对其权力失衡的股权结构、 低效率的股东会及董事会运行机制、监事监督作用弱化、权责不统一的决策机制及经 营者激励不足等问题进行原因分析。 最后，结合ZD融资担保机构自身特点及工作实际，尝试提出激活企业运行机制、 强化风险管理的公司治理优化方案，并通过健全相关法律制度、完善银担合作机制等 外部治理环境改善，全面提升ZD融资担保机构的公司治理水平。 关键词：政策性融资担保；公司治理；运行机制 I ABSTRACT The policy financing guarantee institution is a new force to effectively crack the financing difficulties of small and micro enterprises and “three rural” financing. It plays an important role in “stable growth, restructuring, and benefiting people's livelihood”, and also provides effective funds for poverty alleviation projects such as industrial poverty alleviation. Supply security. To this end, the state actively promotes the construction of a policy financing guarantee system from the top-level design, covering the “national-provincial-jurisdictional” level. From the perspective of the vertical link of the system, the upper-level financing guarantee institution mainly adopts “shareholding”. ", "re-guarantee" and other means for endorsement and credit enhancement for lower-level financing guarantee institutions. With the trend of “superior shareholding”, it is bound to have a positive impact on the corporate governance of the lower-level financing guarantee institutions. As the core of the modern enterprise system, corporate governance issues have been paid more and more attention.The research on the concept, characteristics, functions and development direction of corporate governance at home and abroad is also fruitful. All of them are about the corporate governance of policy financing guarantee institutions. Provides theoretical basis and direction for reference. Based on the related concepts and basic theories of corporate governance, this paper takes ZD financing guarantee institutions as a sample to conduct research, analyzes the current situation of corporate governance, analyzes its existing problems, and guides the practice with theory to summarize the causes of the problems. Try to suggest constructive optimization. The research content is arranged as follows: Firstly, it analyzes the current theories about corporate governance in the academic world, and looks for common problems in the corporate governance process and corresponding optimization approaches from a theoretical perspective. Secondly, investigate and analyze the current situation of corporate governance of ZD financing guarantee institutions, and deal with the imbalanced ownership structure, the low-efficiency shareholder meeting and the operating mechanism of the board of directors, the weakening of supervisory supervision, the decision-making mechanism of inconsistent powers and responsibilities, and the lack of incentives for operators. Conduct a cause analysis. Finally, combined with the characteristics and work of ZD financing guarantee II institutions, try to propose a corporate governance optimization plan that activates the enterprise operation mechanism and strengthens risk management, and improves ZD through comprehensive improvement of relevant legal systems and improvement of external management environment such as the cooperation mechanism.The level of corporate governance of a financing guarantee institution. KEYWORDS: Policy financing guarantee; corporate governance; operating mechanism 1 目 录 第一章 绪论 ..................................................................................................... 1 第一节 研究背景与研究目的 ...................................................................................... 1 一、研究背景 ......................................................................................................... 1 二、研究目的 ......................................................................................................... 1 第二节 文献综述 ........................................................................................................ 2 一、国外研究综述 ................................................................................................. 2 二、国内研究综述 ................................................................................................. 3 第三节 研究思路和研究内容 .................................................................................... 3 一、研究思路与框架 ............................................................................................. 3 二、研究内容与方法 ............................................................................................. 4 第二章 公司治理相关理论 ........................................................................... 6 第一节 公司治理的内涵 ............................................................................................ 6 一、公司治理的概念 ............................................................................................. 6 二、公司治理理论的历史演进 ............................................................................. 6 第二节 公司治理与相关概念比较 ............................................................................ 7 一、公司治理与公司治理结构 ............................................................................. 7 二、公司治理与公司治理机制 ............................................................................. 7 三、公司治理与公司治理模式 ............................................................................. 7 第三节 国有企业公司治理理论 ................................................................................ 8 第三章 ZD融资担保机构概况及公司治理现状 ........................................ 9 第一节 政策性融资担保行业简介 ............................................................................ 9 第二节 ZD融资担保机构基本情况 ........................................................................ 11 一、公司简介 ....................................................................................................... 11 二、公司组织架构 ............................................................................................... 11 三、公司经营情况 ............................................................................................... 12 第三节 ZD融资担保机构的公司治理现状 ............................................................ 14 2 一、股权结构及股东会运行机制 ....................................................................... 14 二、董事会结构及运行机制 ............................................................................... 15 三、监事运行机制 ............................................................................................... 16 四、总经理与经营层 ........................................................................................... 17 五、决策机制及激励机制 ................................................................................... 17 第四章 ZD融资担保机构公司治理问题及原因分析 .............................. 19