股东之间利益冲突根源与治理机制设计

Research on the Interest Conflict and Governance Mechanism between Large and Minority Shareholders

大股东与中小股东之间的利益冲突是我国近年来企业改革和资本市场中最为突出的问题。本文通过考察大股东与中小股东之间利益冲突的根源,探视其非对称信息动态博弈过程,逻辑地推演出由法律机制、信息披露机制、监督机制和声誉机制构成的四位一体机制,以期达到大股东与中小股东均能自我履约的帕累托改进,进而实现股东之间利益冲突协调。

Interest conflict between large shareholders and small shareholders is one of the most prominent key issue in the Reform of State-owned Enterprises and Capital market.By analyzing the root cause of interest conflict between large shareholder and small shareholders,visiting the process of dynamic game under asymmetric information,deductive a Four-in-one Mechanism which is made up by legal mechanisms,information disclosure mechanisms,supervision mechanisms and reputation mechanisms,we can expect to achieve to Self-performance and Pareto improvement,and then achieve to the coordination of interest conflict between shareholders.