论我国创业板家族公司治理制度的改进

The Governance System Improvement of the Family Companies in China's Growth Enterprises Market

我国创业板上市企业中家族公司较多,家族经营下的公司暴露出种种治理问题。文章结合以英、美为代表的外部监控型治理模式和以德、日为代表的内部监控型治理模式的优势,探析了创业板上市家族公司治理的主要路径和方法。建议引入机构投资者,优化家族公司的资本结构;建立家族控股股东赔偿制度,设立权责机制;完善公司的监督机制,特别是独立董事制度,强化有效制衡;引导关系治理向合同治理发展,使治理规则化;完善有效的家族公司退市机制,确保创业板上市公司的活力。

Many listed companies in China＇s GEM （Growth Enterprises Market） are family companies, in which various governance issues havebeen exposed. This paper analyzed some major governance paths and methods for family companies in China＇s GEM, combining the advantage ofthe external -control governance mode in the common law system, which is represented by Britain and the US, and the internal -controlgovernance mode in the civil law system, which is represented by Germany and Japan. Recommendations are as follows： importing institutionalinvestors to optimize the capital structure; establishing the family controlling shareholders compensation system for accountability mechanisms ;improving the supervision mechanism, especially the system of independent directors, to strengthen effective checks and balances; guiding therelational governance to contract governance for the rules of governance; finally, making the delisting system of family companies improved andeffective, to ensure the vitality of the GEM listed companies.