国有公司法人治理结构失灵问题探讨

On the Failure of Governance Structure in the State-Owned Corporation in China

我国国有公司从组织形式上看,已经建立了较完备的法人治理结构。在实际运作过程中,公司法人治理结构却是失灵的,其主要原因:一是国有资产委托人的委托行为和受托人的受托行为偏离市场效率原则;二是国有公司股权结构的畸形;三是国有公司监事会监督不力和董事会缺乏"独立性"。公司法人治理结构失灵在经济转轨过程中难以避免。

As far as the organizing pattern is concerned, the state-owned corporations in China have established comparatively complete corporation governance structure. In the course of actual operation, however, the governance structure fails to work well. The main causes lie in the following aspects: firstly, the deviation of both the behavior of the agents of state-owned assets and that of the assignees from the market efficiency principle, secondly, the abnormal share ownership structure in the state-owned corporation, thirdly, the insufficient supervision from the board of supervisors and the lack of 'independence' from the board of directors. Therefore the failure is inevitable in corporation governance structure during the process of economic transition.