论我国证券公司治理结构的法律规制
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摘要
公司治理结构问题一直是法学家和经济学家共同关注的国际性
课题，作为资本市场中介机构的证券公司，其治理结构的完善是证
券业健康发展需要着力解决的核心问题，也是资本市场的“三公”
原则得以有效贯彻的基础。
近年来，我国的证券公司发展十分迅速，但是证券公司的治理
结构却存在许多问题，在经营过程中往往出现内部公司治理结构被
扭曲的现象，再加上外部监督约束机制不健全的缺陷，导致了信息
不透明、内部人控制和操作不规范等种种弊端，这一切不仅极大的
制约了证券公司的业绩提升，严重损害了股东和广大投资者利益，
削弱了证券市场的融资功能，还深深挫伤了广大中小投资者的信心。
与此同时，根据我国政府人世时的承诺，中国证券业的开放格局将
逐步打开，证券公司所面临的是一个更加复杂而微妙的国际国内环
境，证券业的竞争将更为激烈。要适应这种形势，在未来更为激烈的
市场竞争中得以生存并发展壮大，证券公司必须加快完善自身的治
理结构，才有可能保持蓬勃的创新精神和旺盛的经营动力。
因此，改善证券公司的治理结构并对其进行法律规制，是一个
迫在眉睫的问题，对于这个问题的研究具有十分重要的现实意义和
理论价值。
本文首先分析了我国证券公司的法律地位和经营范围，接着对
证券公司的治理结构进行了法理分析，解释了董事会、股东会和监
事会建立权力制衡机制的内在原因。然后笔者采用比较研究的方法，
对西方国家证券公司的两种典型模式进行了详细的描述，归纳了二
者治理结构的主要特征。在此基础上介绍了我国证券公司治理结构
的法定框架和存在的主要缺陷，并针对目前国家法制建设的实际，
提出了对证券公司治理结构进行完善和法律规制的思路是修改现行
《公司法》和相关法规，合理配置新三会的责权利，建立有效的监
督约束与激励机制。并在该思路的指引下，就法律规制的具体措施
进行了初步研究和探讨。希望通过本文的研究，能为提升我国证券
公司乃至国有企业的治理效率，为国家金融业的健康稳定和快速发
展贡献一份微薄的力量。
The problems on the corporate governance of Celerity Company
have always been an international subj ect concemed by jurists and
economists both at home and abroad．Since Security Company is the
interceding department of capital markets；the perfection of its corporate
governance has become the key problem for the healthy development of
security industry．And the foundation for the effected operation of
“Three Fair”Purples manipulated in capital markets，what's more，it has
directly influenced on the healthy and stable development of other
financial industry and the whole national economy．
In recent years，Security industry has rapidly developed in our
country．However,because of the special organizing background and the
impact of the economic system．Our Security Company remains large
gap with the mature corporate governance of wastes Security Company,
such as，during the managing process，the internal corporate governance
is often distorted，besides，the unsound system of external supervising
and binding system leads to the malpractice of the entrants Parented of
information，the un standard of the control and operation of the infernal
personals，etc，Au these problems not only greatly limit the promotion of
achievement，seriously damage the interests of share holders and vast
investors，but also weaken the financing function of security market，and
discourage the confidence of investors as well．Meanwhile．in techs of
the condiment of our garment'S entry to the WTO，the open patter of our
surety industry will be speeded gradually,by then，our severity company
will face a more complicated and delicate environment both at home and
abroad．The competition of this circle will be more firce．To fit to the
situation and to survive and develop in the more fierce market
competition in future，Security Company must speed up to complete its
own corporate governance so as to keep the vigorous energy for
innovation and operation.
Therefore, to improve the corporate governance of Security
Company and to set up pertinent laws become a pressing problem, and
the research on the problem also becomes important with the practical
significance and theoretical value.
The theses firstly analyses the legal status and the operation scope
of our security company, and then it examines the corporate governance
of sealing coronary in light of legal theories, explaining the external
recons of establishing Power controlling and balancing system among
board of directors, board of share holders and supervision commissions.
Furthermore, the writer describes in details two typical patterns of
western security company and concocted the main features of the two
corporate governances by means of comparative study. Based on these
analysis, the thesis introduces the legal framework and the existing
drawbacks of our security cowpony, concerning the practice of laws
construction in our country, ports out the strategies to complete the
corporate governance and set up pertinent laws are to anent the current
corn any Act and relevant laws and regulations to dispose appropriately
the rights and responsibilities of three commissions to ensure the
responsibity of each part, to establish effective supervision and biding
system and motivation system under the guide of the strategy, the thesis
makes its initial discussion on of specific measures of the perfection and
formulation of security company.
课题，作为资本市场中介机构的证券公司，其治理结构的完善是证
券业健康发展需要着力解决的核心问题，也是资本市场的“三公”
原则得以有效贯彻的基础。
近年来，我国的证券公司发展十分迅速，但是证券公司的治理
结构却存在许多问题，在经营过程中往往出现内部公司治理结构被
扭曲的现象，再加上外部监督约束机制不健全的缺陷，导致了信息
不透明、内部人控制和操作不规范等种种弊端，这一切不仅极大的
制约了证券公司的业绩提升，严重损害了股东和广大投资者利益，
削弱了证券市场的融资功能，还深深挫伤了广大中小投资者的信心。
与此同时，根据我国政府人世时的承诺，中国证券业的开放格局将
逐步打开，证券公司所面临的是一个更加复杂而微妙的国际国内环
境，证券业的竞争将更为激烈。要适应这种形势，在未来更为激烈的
市场竞争中得以生存并发展壮大，证券公司必须加快完善自身的治
理结构，才有可能保持蓬勃的创新精神和旺盛的经营动力。
因此，改善证券公司的治理结构并对其进行法律规制，是一个
迫在眉睫的问题，对于这个问题的研究具有十分重要的现实意义和
理论价值。
本文首先分析了我国证券公司的法律地位和经营范围，接着对
证券公司的治理结构进行了法理分析，解释了董事会、股东会和监
事会建立权力制衡机制的内在原因。然后笔者采用比较研究的方法，
对西方国家证券公司的两种典型模式进行了详细的描述，归纳了二
者治理结构的主要特征。在此基础上介绍了我国证券公司治理结构
的法定框架和存在的主要缺陷，并针对目前国家法制建设的实际，
提出了对证券公司治理结构进行完善和法律规制的思路是修改现行
《公司法》和相关法规，合理配置新三会的责权利，建立有效的监
督约束与激励机制。并在该思路的指引下，就法律规制的具体措施
进行了初步研究和探讨。希望通过本文的研究，能为提升我国证券
公司乃至国有企业的治理效率，为国家金融业的健康稳定和快速发
展贡献一份微薄的力量。
The problems on the corporate governance of Celerity Company
have always been an international subj ect concemed by jurists and
economists both at home and abroad．Since Security Company is the
interceding department of capital markets；the perfection of its corporate
governance has become the key problem for the healthy development of
security industry．And the foundation for the effected operation of
“Three Fair”Purples manipulated in capital markets，what's more，it has
directly influenced on the healthy and stable development of other
financial industry and the whole national economy．
In recent years，Security industry has rapidly developed in our
country．However,because of the special organizing background and the
impact of the economic system．Our Security Company remains large
gap with the mature corporate governance of wastes Security Company,
such as，during the managing process，the internal corporate governance
is often distorted，besides，the unsound system of external supervising
and binding system leads to the malpractice of the entrants Parented of
information，the un standard of the control and operation of the infernal
personals，etc，Au these problems not only greatly limit the promotion of
achievement，seriously damage the interests of share holders and vast
investors，but also weaken the financing function of security market，and
discourage the confidence of investors as well．Meanwhile．in techs of
the condiment of our garment'S entry to the WTO，the open patter of our
surety industry will be speeded gradually,by then，our severity company
will face a more complicated and delicate environment both at home and
abroad．The competition of this circle will be more firce．To fit to the
situation and to survive and develop in the more fierce market
competition in future，Security Company must speed up to complete its
own corporate governance so as to keep the vigorous energy for
innovation and operation.
Therefore, to improve the corporate governance of Security
Company and to set up pertinent laws become a pressing problem, and
the research on the problem also becomes important with the practical
significance and theoretical value.
The theses firstly analyses the legal status and the operation scope
of our security company, and then it examines the corporate governance
of sealing coronary in light of legal theories, explaining the external
recons of establishing Power controlling and balancing system among
board of directors, board of share holders and supervision commissions.
Furthermore, the writer describes in details two typical patterns of
western security company and concocted the main features of the two
corporate governances by means of comparative study. Based on these
analysis, the thesis introduces the legal framework and the existing
drawbacks of our security cowpony, concerning the practice of laws
construction in our country, ports out the strategies to complete the
corporate governance and set up pertinent laws are to anent the current
corn any Act and relevant laws and regulations to dispose appropriately
the rights and responsibilities of three commissions to ensure the
responsibity of each part, to establish effective supervision and biding
system and motivation system under the guide of the strategy, the thesis
makes its initial discussion on of specific measures of the perfection and
formulation of security company.
引文
[1] 郑红亮，王凤彬，中国公司治理结构改革研究：一个理论综述，《管理世界》[J]，2000年3期
[2] 李曙光，中国的公司治理及其转型期改革，《中国政法大学学报》[J]，2003，3
[3] 马俊驹，聂德宗.公司法人治理结构的当代发展-兼论我国公司法人治理结构的重构，《法学研究》[J]，2000年2期
[4] 严若森，西方公司治理结构模式的比较研究，《经济管理》[J]，2001年12期
[5] 赵增耀，西方公司治理结构争论中的几个理论观点，《经济学动态》[J]，98年10期
[6] 吴建辉，西方公司治理结构主要模式考察，《世界经济研究》[J]19988年1期
[7] 刘异伟，张铁，公司治理结构的演进逻辑，《财经问题研究》[J]，2002年11期
[8] 证券业协会研究报告，《中国证券市场发展前言问题研究》[M]，2001年，中国金融出版社
[9] 袁锦秀，公司治理结构的法律规制，人大复印资料《经济法学，劳动法学》[J]，2003，7
[10]于敬,三种典型公司治理结构的比较,《政法论丛》[J]，2003，5
[11]张建波，关于完善我国证券公司治理结构的探讨，《税务与经济》[J]，2003，1
[12]何永哲，证券公司治理结构的风险及其法律完善，《北方经贸》[J]，2001，10
[13]倪建林，《公司治理结构：法律与实践》[M]，2001年12月，29页，168页，数字图书馆
[2] 李曙光，中国的公司治理及其转型期改革，《中国政法大学学报》[J]，2003，3
[3] 马俊驹，聂德宗.公司法人治理结构的当代发展-兼论我国公司法人治理结构的重构，《法学研究》[J]，2000年2期
[4] 严若森，西方公司治理结构模式的比较研究，《经济管理》[J]，2001年12期
[5] 赵增耀，西方公司治理结构争论中的几个理论观点，《经济学动态》[J]，98年10期
[6] 吴建辉，西方公司治理结构主要模式考察，《世界经济研究》[J]19988年1期
[7] 刘异伟，张铁，公司治理结构的演进逻辑，《财经问题研究》[J]，2002年11期
[8] 证券业协会研究报告，《中国证券市场发展前言问题研究》[M]，2001年，中国金融出版社
[9] 袁锦秀，公司治理结构的法律规制，人大复印资料《经济法学，劳动法学》[J]，2003，7
[10]于敬,三种典型公司治理结构的比较,《政法论丛》[J]，2003，5
[11]张建波，关于完善我国证券公司治理结构的探讨，《税务与经济》[J]，2003，1
[12]何永哲，证券公司治理结构的风险及其法律完善，《北方经贸》[J]，2001，10
[13]倪建林，《公司治理结构：法律与实践》[M]，2001年12月，29页，168页，数字图书馆