资本结构、投资者保护与国有企业的公司治理

Capital Structure, Protection of Investors and Corporation Governance of State-owned Enterprise

资本结构与企业的公司治理总是密切地联系在一起,大量经济学文献从税收、激励、信息传递以及控制权方面来研究资本结构与公司治理结构之间的关系,但是现在经济学家们认为从投资者保护的角度才能真正建立起有效的公司治理机制。对于国有企业的公司治理,只有在民营化的条件下,通过加强对投资者权利的保护,才能真正地建立起有效的公司治理机制。

Corporate governance is dependent of the capital structure of the company. The relationship of the corporation governance and capital structure of the company has been surveyed in some aspects, such as taxation, incentive, singalling and controlling right. While, there are more people hold up that the key to set up an efficient corporation governance mechanism is the protection of investors. As for the state-owend enterprises, the establishment of the efficient governance mechanism is strengthening the protection of investors under the condition of privatitation.