公司法监管与公司绩效提升

Supervision of Corporate Law and Enhancement of Corporate Performance

基于我国上市公司的实证分析,认为公司法监管可以提高公司绩效,但是法律的过度监管也会损害公司管理层的积极性,对于投资者保护不能以损害公司管理层的积极性为代价。我国现有公司法实施体制应该充分发挥有利于公司管理层辩护的司法体制的功能,并引入商业判断规则,而不应过度依靠行政执法(证监会执法),以实现投资者保护与管理层保护的平衡。

Investor protection may enhance the corporate performance. However,over-enforcement may decrease the corporate performance. The experiential analysis based on Chinese listing corporate supports this viewpoint. Investor protection cannot be at the cost of harming the enthusiasm. Chinese corporate law system should induce rules to protect the managers （ such as the Business Judge Rule） and depend on more judicial system but not supervision.