公司治理准则实施中的“遵守或解释”方法探析

Principle of"Comply or Explain"in the Enforcement of Corporate Governance Code

在介绍了"遵守或解释"方法产生背景的基础上,指出该方法能为不同的公司提供必要的灵活性,并允许公司治理结构更为灵活地回应市场变化。与成文公司法中的缺省性规则相比,该方法更有助于市场对公司治理条款准确定价,但其有效运转必须依赖股东行动和市场机制。为提升上市公司治理水平,我国公司治理准则的实施也应采用这一方法。

This article first introduces the background of principle of ＂comply or explain＂, then points out that this principle leaves corporation the flexibility to cope with the non-standard cases, and allows satisfactorily for the evolution of corporate structures in response to market practices. In contrast with the default rules in the written corporate law, this principle helps market to make an accurate price on the terms of corporate governance, but it must be supported by shareholder activism and market mechanism. In order to enhance the level of corporate governance of listed companies, this principle should be adopted by China.