政府掠夺、内部人合谋与公司治理——兼论中小投资者保护

Predatory Government Insider Collusion and Corporate Governance——In View of Minority Investor Protection

通过建立一个综合考虑法律、股权结构、大股东监督、经理人激励和证券监管、政府掠夺在内的分析大股东和经理人合谋侵权的委托—代理模型,运用标准逆向归纳法分析不同法律环境保护下利益相关者之间的利益关系。结果显示,法律对中小投资者保护至关重要;在中等或弱法律保护下,应提高证券监管和执法效率;在强法律保护下,证券监管效率对公司价值没有影响,政府管制应该逐渐淡出证券市场。不管法律保护水平如何,都应该坚持改善政府治理水平,提高政府运行效率,减少对企业的掠夺,从而达到提高公司价值和保护中小投资者权益的目的。

Taking law ownership structure monitoring of large shareholders incentive of chief executive officials regulation of securities and predatory government into consideration this paper has developed a comprehensive principal-agent model for analyzing how large shareholder expropriate minority investors in collusion with managers and uses the standard backward induction to analyze beneficial relations among stakeholders under different levels of legal protection.The equilibrium result shows that law is of vital importance to protect middle or small investors under the condition of moderate or bad legal protection we should enhance efficiency of securities regulation and law enforcement under the condition of good legal protection corporate value is not affected by securities regulation so government regulation should withdrawal from security market.Regardless of the level of legal protection we should insist on improving government governance enhancing the efficiency of government operations decreasing expropriation of companies in order to bring about higher corporate value and better protection of middle or small investors.