权益资本结构视角的上市公司治理探析——基于企业生命周期理论性态

Research on the Corporate Governance from Equity-Capital-Structure Perspective of China Listed Companies——Based on the Lifecycle Academic Model of Enterprise

文章结合企业生命周期理论性态,着重阐述我国上市公司治理结构与其权益资本结构的相互作用。笔者认为,公司治理结构模式主要取决于公司对其权益资本结构(股权和债权)的安排,且不同权益资本结构映射出不同融资模式下的两种控制关系,即"股权控制"和"债权控制"。因此,要提高公司治理结构效率,有必要从公司权益资本结构的配比模式上着手,通过优化融资结构来改善公司治理结构的有效性,降低代理成本,以此实现上市公司治理机制更趋规范化和制度化。

In this article, the author expounds emphatically the reciprocities between corporate governance and equity - capital - strue - ture of China listed companies associated with the lifecycle academic model of enterprise. And taking for that, the model of corporate gov- ernance structure depends mainly on the arrangement of companies＇ equity capital structure （shareholders＇ equity and liabilities）, and the different equity capital structures reflects the two controlling - relations under the different financing models, that is, owners＇ equity-conrrolling and creditor - rights - eontrtolling . So it is essential to improve the efficiency on corporate governance from the matching model of owners＇equity and liabilities for the validity of corporate governance structure through optimizing financing stru - eture, and decreasing the agent- cost accordingly, and finally achieving corporate governance mechanism standardized and systemed by degrees in our listed companies＇ field.