英国行业性组织在公司治理中的作用

The Trade Associations Participation in Corporate Governance in the UK

英国公司治理研究致力于解决因所有权和控制权分离而产生的经典代理问题,理论界和实务界分别提出了两种机制:董事会内部监督机制和"要素市场"外部治理机制来约束监督管理层,降低代理成本。在机构化持股时代,机构投资者越来越积极参与所投资组合公司的治理事务,代表机构投资者的行业性组织在一般性参与方面起着举足轻重的作用,机构监督已成为英国公司治理的新机制。

Corporate governance is seeking to deal with the classic agency problem arising from the seperation of ownership and control in the UK.It is generally accepted by both the scolar and practitioner that there are two mechanisms-internal control and external control to tackle this problem in order to reduce agency costs.In the era of institionization,institional investors have become more and more active in participating in corporate governance.Also,the trade associations which represent the institutional investors make substantial contribution to the general particiation in corporate governance.Therefore,it may argue that institutional supervision becomes a new mechanism in the corporate governance in the UK.