ST公司的治理“病因”与“康复”之策

ST Corporation's Governance:Pathogenesis and Recovery Strategy

股权结构严重失衡、最终控制人产权不清、管理层薪酬与绩效脱节等问题是ST公司治理水平落后、经营绩效低下的主要原因。完善股权制衡机制、规范薪酬奖励、强化产权对经营者的正向约束、优化委托代理关系是ST公司完善公司治理、摆脱经营困境的必由之路。

The main reasons for ST corporation＇s weak governance and poor performance are severe imbalance of equity structure,ambiguous property right,and disjunction between the management＇s payment and performance.ST corporations can get over operational distress and improve governance through such measures as equity check and balance,reward institutionalization,emphasizing positive effect of property right on managers,and principal—agent relationship optimization.