所有制、制度环境与公司治理效率

Ownership,Institutional Environment and Efficiency of Corporate Governance

资本所有制作为资本所有权的制度安排是企业有效治理的前提条件。企业治理制度的形成具有路径依赖的特性 ,是与各个国家和企业所处的环境因素分不开的。在既定的经济技术和制度环境下 ,只要企业所有权安排得当 ,任何与其经济技术和制度环境相适应的资本所有制形式都是可以有效的。衡量治理效率的标准是治理成本的最小化或治理主体收益的最大化。为了提高治理效率 ,我国应根据不同企业的情况适时进行治理制度的改革和创新 ,并努力创造适于企业生存的制度环境。

Capital ownership, as institutional assignment of property rights, is only prerequisite condition for firm efficiency, while the sufficient and requisite condition is the institutional assignment of corporate rights, i.e.,firm ownership. The formation of corporate governance is of characteristics of path dependence, which decided by environmental factors a country or firm gets along with. Under the vested economic, technological, and institutional environments, any capital ownership forms adaptive to as above may be effective, only if the assignment of firm ownership is appropriate. The criterion to judge governance efficiency is the minimization of governance cost, or maximization of governor' revenue. In order to increase corporate governance efficiency, we should reform and innovate governance systems in time according to different firm' cases, and try hard to build up institutional environments fit for firm's existence.