全球金融危机中公司治理的经验与教训研究

Experience and Lessons in Corporate Governance in the Financial Crisis

本文从公司治理的视角,分析了全球金融危机中欧美金融业暴露的严重公司治理问题及应对措施。文章提出对"股权结构越分散越好"、"股权激励力度越大越好"、"股东利益至上"及"大而不倒"等信条的反思,并认为此次金融危机有如下启示:一是在监管中必须重视系统效应的监管责任、逐步建立综合监管模式、探索开展逆经济周期监管;二是中国大型商业银行要处理好创新与发展的关系;三是合理设计薪酬激励机制;四是在风险管理中必须坚持稳健经营理念、加强全面风险管理、理性开展金融创新;五是在董事会建设方面要提高董事会素质、强化风险管理及关注企业社会责任。

This paper analyzes the severe problems in corporate governance in European and U.S. finance sector found in the global financial crisis and the measures taken by governments. The reflection should be given to such beliefs as ＂the more decentralized equity, the better＂, ＂the more stock incentives, the better＂, ＂shareholders＇ interest takes top priority＂ and ＂too big to fall＂. The financial crisis brings forth the following inspirations： first, financial regulators should attach more importance to the regulation and supervision on systematic effects, gradually establish a comprehensive regulatory model, and develop conntercyclical regulation; second, large commercial banks in China should properly handle the relationship between innovation and development; third, the current remuneration and incentive mechanism should be improved to be more reason able; fourth, banks must insist on prudent operation in risk management, strengthen enterprise-wide risk management, and launch financial innovation in a rational manner; the last but not least, the quality of board of directors should be further improved to enable it to play a more important role in risk management and pay due attention to the fulfillment of corporate social responsibility.