基于公司制度安排现状的公司治理结构研究
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摘要
公司治理已成为世界性的研究课题,公司治理问题也受到了普遍的重视。随着经济的发展和股权主义的日益兴起,公司治理也日益成为衡量一国企业核心竞争力的重要因素。
我国的公司治理结构所做的制度安排从形式上看与西方发达国家公司的制度安排非常相近,但二者的治理效果却大相径庭。究其原因,主要在于我国在寻找对公司进行有效治理的制度安排模式的过程中,选用了不恰当的路径,即一味效仿西方发达国家公司治理的做法,而忽略了我国公司自身所处的特定环境和不同于国外公司的诸多问题本身,这样做的结果必然是不能“对症下药”,以至我国公司存在的诸多问题并没因公司治理结构的不断改进而得到有效解决。本文从我国上市公司制度安排存在的问题本身入手,提出改善建议,完善公司治理结构。
文章在回顾了国内外有关公司治理结构的涵义和相关的理论,介绍了三种公司治理结构模式,并分析了我国公司治理现状。然后文章运用DEA分析法对162家上市公司的治理有效性及我国制度安排现状存在的具体问题进行了实证研究。研究结果表明我国的公司治理有效性很差,而在制度安排上则存在以下问题:董事会股权激励不足、董事会规模过大、领取报酬的监事比例过高、股东持股比例过高、流通股比例不足等问题。为改善公司治理结构提供了基础。最后,文章在对提出改善公司治理结构建议之后,对文章进行了总结和展望。
Corporate governance has become worldwide research subject, the question of corporate governance has been universally appreciated. With economic development and equity of growing up, corporate governance is also increasingly becoming the core competitiveness of enterprises to be an important factor.
From the formal point of view, our models of corporate governance is very close to the Western countries’companies’models of corporate governance, but the effect of governance between the two are quite different. The reason is China has chosen an inappropriate path in the search for effective models of corporate governance, china is blindly follow the Western developed countries’corporate governance practices, while ignoring our companies in which the specific environment and different from the foreign company's many problems themselves, the results can not cure the "illness", and even a few of problem in our companies did not be effectively resolved as the continuous improvement of corporate governance.
This paper reviewed the theory of corporate governance in domestic and international, and the related theory of corporate governance, on the basis introduce three kinds of model of corporate governance structure, and analyse the current situation of corporate governance. Then the article apply DEA to analysis 162 listed company governs the effectiveness and the specific issues of present institutional arrangement. Research shows that our company governance effectiveness was poor, and in the institutional arrangement provides the following questions: stockholder's rights drive of the board lack of motivation; the bodsize is too large; supervisors to pay a high percentage; the shareholder take a high proportion of shares, and so on. To improving corporate governance structure provides a basis. Finally, the article on the proposed to improve the company governance proposals, for articles carried out conclusions and prospect.
我国的公司治理结构所做的制度安排从形式上看与西方发达国家公司的制度安排非常相近,但二者的治理效果却大相径庭。究其原因,主要在于我国在寻找对公司进行有效治理的制度安排模式的过程中,选用了不恰当的路径,即一味效仿西方发达国家公司治理的做法,而忽略了我国公司自身所处的特定环境和不同于国外公司的诸多问题本身,这样做的结果必然是不能“对症下药”,以至我国公司存在的诸多问题并没因公司治理结构的不断改进而得到有效解决。本文从我国上市公司制度安排存在的问题本身入手,提出改善建议,完善公司治理结构。
文章在回顾了国内外有关公司治理结构的涵义和相关的理论,介绍了三种公司治理结构模式,并分析了我国公司治理现状。然后文章运用DEA分析法对162家上市公司的治理有效性及我国制度安排现状存在的具体问题进行了实证研究。研究结果表明我国的公司治理有效性很差,而在制度安排上则存在以下问题:董事会股权激励不足、董事会规模过大、领取报酬的监事比例过高、股东持股比例过高、流通股比例不足等问题。为改善公司治理结构提供了基础。最后,文章在对提出改善公司治理结构建议之后,对文章进行了总结和展望。
Corporate governance has become worldwide research subject, the question of corporate governance has been universally appreciated. With economic development and equity of growing up, corporate governance is also increasingly becoming the core competitiveness of enterprises to be an important factor.
From the formal point of view, our models of corporate governance is very close to the Western countries’companies’models of corporate governance, but the effect of governance between the two are quite different. The reason is China has chosen an inappropriate path in the search for effective models of corporate governance, china is blindly follow the Western developed countries’corporate governance practices, while ignoring our companies in which the specific environment and different from the foreign company's many problems themselves, the results can not cure the "illness", and even a few of problem in our companies did not be effectively resolved as the continuous improvement of corporate governance.
This paper reviewed the theory of corporate governance in domestic and international, and the related theory of corporate governance, on the basis introduce three kinds of model of corporate governance structure, and analyse the current situation of corporate governance. Then the article apply DEA to analysis 162 listed company governs the effectiveness and the specific issues of present institutional arrangement. Research shows that our company governance effectiveness was poor, and in the institutional arrangement provides the following questions: stockholder's rights drive of the board lack of motivation; the bodsize is too large; supervisors to pay a high percentage; the shareholder take a high proportion of shares, and so on. To improving corporate governance structure provides a basis. Finally, the article on the proposed to improve the company governance proposals, for articles carried out conclusions and prospect.
引文
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[3] Mayer, Colin. Corporate Governance Market and Transition Economics. For Presentation at International Conference on Chinese Corporate Governance, Shanghai,1995.
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[7]吴敬琏.现代公司与公司改革[M].天津:天津人民出版社,1994.
[8]张春霖.从融资角度分析国有公司的治理结构改革[J].改革,1995,(3):5-12.
[9]郑红亮.公司治理理论与中国国有公司改革[J].经济研究,1998,(10):20-27.
[10]林毅夫,蔡防,李周.国有公司改革的核心是创造竞争的环境[J].改革,1995,(3):13-18.
[11]费方域.什么是公司治理[J].上海经济研究,1996,(5):12-17.
[12]周小川.银行不良资产与公司治理结构[J].中国工业经济,1999,(7):50-56.
[13]张维迎.公司理论与中国公司改革[M].北京:北京大学出版社,1999.
[14]李维安.公司治理教程[M].上海:上海人民出版社,2002.
[15]孔翔.中国上市公司治理研究.深圳证券交易所深证综研字第0039号研究报告,2001.
[16]刘汉民,刘锦.资本结构、公司治理与国企改革——“资本结构与公司治理研讨会”综述[J].经济研究, 2001,(10):83-85.
[17]孙永祥.所有权、融资结构与公司治理机制[J].经济研究,2001,(1):45-53.
[18]张维迎.恶性竞争的产权基础[J].经济研究,1999,(6):11-20.
[19]张文魁.债转股对企业治理结构的影响及其前景分析[J].管理世界,2001,(15):24-26.
[20]蒋黔贵.公司治理与国有企业改革[J].经济社会体制比较,2002,(04).
[21]约瑟夫.斯蒂格利茨.转.经济中中国治理结构的失败[J].经济社会体制比较,2000,(03).
[22]亚当.斯密.国民财富的性质和原因的研究(下卷)[M].北京:商务印书馆,1974.
[23]冯根福.双重委托代理论:上市公司治理的另一种分析框架——兼论进一步完善中国上市公司治理新思路[J].经济研究,2004(12):16-25.
[24] Jensen, Michael C. Meckling, William H. Theory of the firm: managerial behavior, agency costs and ownership structure[J].Journal of Financial Economics,1976,3(4):305-360.
[25] Fama, Eugene F. Jensen, Michael C. Separation of ownership and control [J]. Journal of Law&Economics, 1983,26(2):301-326.
[26] Shleifer, Andrei; Vishny, Robert W.A survey of corporate governance [J].Journal of Finance,1997,52(2):737-783.
[27] Blair, Margrat M. Ownership and control: rethinking corporate governance for the twenty-first century[M].The Brooking Institution,1995.
[28]张兆国,唐丽,黄彦.中美日公司治理结构的财务比较[J].中国软科学,2001(5):41-45.
[29]王国生.股本结构与法人治理机制[J].经济学家,1998,(4):27-32.
[30]张维迎.所有制、治理结构及委托—代理关系[J].经济研究,1996,(9):3-15.
[31]王文钦.公司治理结构之研究[M].北京:中国人民大学出版社,2005
[32] La Porta,R,F. Lopez-de-Silanes, and A. Shleifer. Corporate ownership around the world Journal of Finance,1999,(54):471-517.
[33]席酉民,赵增耀.公司治理.北京:高等教育出版社,2004.
[34]李维安,武立东.公司治理教程[M].上海:上海人民出版社,2002.
[35]李维安.公司治理学[M].北京:高等教育出版社,2005.
[36]国家体改委,日本爱知学泉大学.中日企业比较:环境.制度.经营[M].北京:中国社会科学出版社,1995.
[37]魏权龄.评价相对有效性的DEA方法[M].北京:中国人民大学出版社,1998.
[38]盛昭瀚,朱乔,吴广谋.DEA理论、方法和应用[M].北京:科学出版社,1996.
[39] Koopmans T.C., Activity analysis of production and allocation, Cowles Commission, Wiely, New York,1951:33-37.
[40] Farrell M. J. The measurement of production efficiency [J]. Roy. Stat. Soc., Series A,1957(120):253-281.
[41] Charnes A., Cooper W. W. and Rhode E..Measuring the efficiency of decision making units[J].European Journal of Operational Research,1978(02):429-444.
[42] Charnes A., Cooper W. W. Programming with linear fraction functional [J]. Naval Research Logistics Quarterly, 1962(9):181-185.
[43]滨田道代等.公司治理与资本市场监管—比较与借鉴[M].北京:北京大学出版社,2003.
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