企业集团的多重利益冲突及其治理

A Research on Business Groups' Multifaceted Conflicts and Governance Problems

企业集团作为一种企业合作组织形式,一方面因其制度优势而在世界经济中的地位日益重要,另一方面因其复杂结构所带来的诸多治理问题又制约了其良性发展。与单个企业相比,企业集团的组织结构复杂多变,治理问题也具有多重性。交叉持股型企业集团中应注意大股东之间的协调问题;纯粹控股型企业集团中注意要加强母公司对子公司的有效监控;而母子关系型企业集团中的治理问题最为复杂,应在母子公司之间建立一个良好的集权和分权机制,防止母公司对中小股东和债权人的利益侵害。

As one of enterprise alliance formations, the business group is becoming more and more important in the world economy. But in another direction, its complex structure induces many governance problems and interferences in its healthy development. Compared to single enterprise, the business groups＇ formation is more complex and their governance problems are multifaceted. The paper classifies the business groups into three types according to their ownership structures and analyses major conflicts among them. The conclusions are as follows： In the cross - holding business groups, it is important to coordinate the relationships between the big stockholders; In the pure stock - holding business groups, it is important to reinforce mother- companies＇ supervision to their son- companies; The governance problems in the mother- son business groups are most complex and one rational centering- diverging power system should be found between the mother- companies and their soncompanies in order to prevent the big holders＇ infringement of the small stockholders.