制度约束、需求驱动和适应性选择——中国民营企业治理演进的分析

Institutional Constraints,Demand Driven and Adaptive Choice:An Analysis of Governance Evolution of China's Private Firms

改革开放30年以来,中国民营企业在不同的历史阶段以不同的"身份"和"组织形式"出现。特定的"转轨"经济背景,决定了我们必须基于"历史视角"对中国民营企业治理演进问题进行分析。从外部环境因素对中国民营企业治理演进的影响来看,环境因素表现出的"约束性"是一个典型特征。从计划经济体制向社会主义市场经济体制的转变,包括了一系列的经济制度层面的调整,产业组织形式的变化,经理人市场和金融市场的变迁。从内部资源因素对中国民营企业治理演进的影响来看,资源因素表现出的"内在需求驱动性"是一个典型特征。民营企业总是在现有的资源条件下追求对企业成长"内在需求"的最大化满足。"适应性选择"是中国民营企业治理演进的内生机制,中国民营企业不断扩大的企业规模、不断扩展的市场覆盖范围和不断提升的竞争能力表明,中国民营企业治理制度选择是有效的。而这种有效性的来源是中国民营企业的治理安排实现了内部资源条件和外部环境之间的"适应性选择"。

During the last 30 years of reform and openness, the China＇s private firms have acted with different ＂identity＂ and ＂organizational form＂ at different stages. The specific transition background determines that the historical perspective with which to analyze the governance evolution of the China＇s private firms is appropriate. The governance evolution of China＇s private firms is characterized with environmental constraints, which include the change of the economic system, industrial organization, and also the manager and the financial markets. The internal demand-driven resource is another stylized factor which conditions the firms＇ maximization behaviors for the firm growth. The adaptive choice is the endogenous mechanism of the governance evolution of the private firms. And the increasingly expanded firm scale, extended market coverage, and upgraded competitiveness demonstrate that this choice is effective. This effectiveness roots in the adaptive selection between the internal resource and the external environment, caused by the governance arrangements of the private firms.