美国私营企业治理的动态演进及其启示

Dynamic Evolution of the American Private Enterprise Governance and Inspiration

美国企业在内在需求驱动与外在市场压力双重作用下,经历了业主控制型治理期、股权逐步分散下引入职业经理人治理期、股权分散下职业经理人控制治理期、股权结构机构投资者集中下职业经理人控制治理期。美国企业所采取的市场监控型治理是与美国治理文化、伦理相匹配的,在渐进式治理演进中由股东主导逐步向尽力平衡各方利益演进,蕴涵着和谐治理的理念。中国企业应在借鉴美国经验的基础上,通过治理环境、治理结构、治理机制的融合,实现和谐演进下的持续发展。

The American enterprise govenance goes through three stages including the owner,control period,introducing executive govenance period during a gradual equity spread and the executive control govenance period during stock structure of institutional investor concentration becauce of the internal demand and external market pressures.The supervisory control govenance of American is the dynamic evolution from shareholder leading to interest balance,which embodyies harmonious govenance and matches with culture,ethic.The Chinese enterprise need use for reference American experience and fuses govenance environment,structure and mechanism to force sustain development.