近代中国公司治理的“社会资本”分析

Analysis on Corporation Governance in Modern China: In Point of View of Social Capital

中国近代公司在治理方面的显著特点是其治理结构并未按照制度设计发挥作用,反而是传统手段在公司治理中起到了至关重要的作用。究其原因,在于公司治理结构自身的制度设计存在缺陷。企业本身具有集权性质,但基于股权的公司治理结构却是以经济民主、分权制衡原则运行的,两者并不兼容。公司治理的有效性,实际上取决于一个社会的社会资本,无论西方还是近代中国,均是如此。只不过,近代中国运用的是特殊主义的社会资本,而西方社会运用的是普遍主义的社会资本,这也决定了中西公司发展的不同路径。

In the company of modem China, it is tradition measures but not governance structure that played pivotal role. The reasons were that the centralization of corporation was imcompatible with governance structure which appealed democracy and power balance. In fact, the validity of corporation governance lies on some informality rule which called Social Capital. It happened not only in western courtries but also in China. In modern China, it was peculiar social capital played crucial role while in Western was universal social capital, which determined the different path of corporation development.