公司治理：内部制衡与外部约束之协调

Corporate Governance:The Coordinance of Internal Equilibrium and External Restrictions

现代混合经济中市场交易的复杂形式使得市场治理与公司治理呈现出相互交融的情形。这种复杂情形引发了经济学家对以交易成本为核心的若干问题的思考。当认为这两种治理具有不同或相同的规定时,我们对交易成本以及与此相关的市场范畴将会有不同的认识。以现代企业制度的运行而言,公司治理的内外部协调问题便涉及这些认识。主流经济学关于公司治理的内外部协调的分析和研究,主要是以这两种治理具有不同的规定性为认识前提的,新制度经济学则认为这两种治理存在着同一性。或许是受主流经济学的影响,国内学者对公司治理内外部协调的分析主要集中在公司治理结构等方面,其实,对公司治理内外部协调的研究,不能仅仅局限于对公司治理结构的考察,而是应该从市场治理与公司治理的同一性出发,以市场治理的外部约束来分析契约对公司治理结构的规定,这样的讨论有可能探寻出公司治理的内部制衡和外部约束之协调的实现条件等问题。

There is a merger situation between corporate governance and market governance in modern mixed economy. Economists are initiated by this situation to consider the transaction cost. When we hold that there are differences between corporate governance and market governance, we will have different un- derstanding towards the transaction cost and market category which are related to the internal and external coordinationof corporate governance. The analysis and research of mainstream economists are based on the different determinations between these two kinds of governance, but New Institutional Economics holds the different opinions. Domestic scholars ~ analysis is mainly concentrated on corporate governance struc- ture, and seldom on coordination between internal and external corporate governance. This paper studies the internal equilibrium and external restrictions of corporate governance.