基于企业产权关系的权变公司治理模式研究

Research on the Contingency Governance Model Based on Relationship of Firm Property Rights

随着社会经济的发展,公司制企业在国民经济中的地位不断提升,公司治理也越来越引起人们的注意。但是,对于转轨时期的中国国有企业和民营企业而言,由于不同企业的条件状况不一样,其公司治理不能采取完全相同的模式,而应当实行权变的公司治理策略。对公司治理模式影响最大的莫过于企业的产权关系,因为公司治理在很大程度上是对企业产权关系的反映和保障。企业的产权关系不同,公司治理也有相应的不同类型。正是基于这一考虑,本文立足于对不同类型的企业产权关系分析,探讨公司治理的不同类型以及影响企业对其选择的主要因素,最终形成权变公司治理模式,并采用问卷调查的方法进行了实证检验,力图为现实的企业实践和相关的理论研究提供参考。

With the development of society and economy, status of corporations in national economy continues to rise and corporate governance draws more and more attention. But for Chinese state owned enterprises and privately owned enterprises with various operational backgrounds, they can＇t adopt the same type of governance. On the contrary, contingency governance model should be more appropriate. Since corporate governance is the reflection and protection of the firm property rights, the relationship of firm property rights should be taken into consideration in establishing the governance mechanism. Based on analysis of different kinds of firm property rights, this study suggests that there are three types of corporate governance mechanism： owners＇ control, professional managers＇ control, and joint control between owners and professional managers. This study also suggests that there are three kinds of major factors influencing the corporate governance selection, and these factors are： scale of operation, technology of operation, and the nature of firm＇s ownership. If firm＇s operational scale is small, the corporate governance tends to be owners＇ control and otherwise would be professional managers＇ control. If a firm is in laborintensive operation, its governance is likely to be owners＇ control whereas a technology-intensive or capital-intensive firm tends to be professional managers＇ control. A privately owned firm tends to be owners＇ control while a state owned company will be likely pro- fessional managers＇ control. When a firm selects the most suitable governance type, its operational performance will be better than that of inappropriate governance adoption. This study makes uses of survey to test the contingency governance model empirically and the research model will provide meaningful references for both academics and practitioners.