公司治理制度的法经济学思考

On the Corporate Governance System in Law and Economics

公司治理制度包含内容很多,针对目前中国公司的现状,其中最关键的是财务公开制度、建立独立董事制度和股市治理制度。在市场经济条件下,任何人都不可能获得全部的信息,不存在所谓的"完全市场",所以要建立财务信息披露制度,建全财务公开的法律约束,规范财务行为;理论上,独立董事可以通过监督和提供专业性的建议及咨询来改善公司的经营管理,提高股东的权益。实践中,人们也认为独立董事可以站在客观公正的立场,保护公司和投资者的利益,发挥对管理层的制衡作用;要解决中国公司股市上出现的制度性弊病和系统性风险,必须先打破股权分置的旧局。而要打破这个旧局,就是要对中国股市的契约安排进行重塑,要把旧的"霸王契约"变为新的"平等契约"。而以股抵债。则是多种方案选择中最具必要性、可行性、现实性、操作性的一种。

Corporate governance system has many contents, in present status of Chinese companies, the key ones are the opening financial system, the establishment of an independent director system and the stock market system of governance. In a market economy, no one can obtain all the information, there is no so-called ＂full market＂, therefore a financial information disclosure system should be established for perfecting financial disclosure law and standardizing financial behavior. Theoretically, an independent director can improve the company＇s management and shareholders benefits through supervision and provide professional advices and recommendations. In practice, the independent director is also regarded as an protector for the company and investors＇ benefits, and checks and balances on management; To solve the shortage and systemic risks in Chinese companies stock market, we have to break down the old mode of China＇s stock market, and then turn the old ＂Overlord lease＂ mode into a new ＂contract of equality.＂ mode And the debt payment in stock is the most important in need, feasibility, practicality and operability.