基于资源配置的公司治理策略分析——以2006～2010年上市的公司为例

Analyzing Corporate Governance Policy on the Allocation of Resource:Based on the IPO Firms during 2006～2010

本文以2006～2010年间的IPO公司为样本,从优化资源配置的角度分析了国有企业和民营企业的公司治理策略。本文的研究发现,在优化资源配置方面,国有企业的公司治理应该与民营企业有所不同。国有企业的主要问题是所有权与控制权的完全分离带来的代理问题,因此公司治理的重点在于减轻代理问题。我们发现,薪酬激励、股权激励和股权制衡有助于提高国有企业经营效率,降低代理成本。民营企业的主要问题是大小股东之间的利益冲突,公司治理重点在于限制关联交易,遏制大股东利益侵占。本文最后提出政策性建议。

In this paper,we investigate the efficiency of corporate governance from the perspective of resourceallocation by analyzing IPO companies listed from 2006 to 2010.This paper holds the opinion that based on the standpoint of resource's allocating optimization,different forms of ownership should apply to different governance mechanisms:restricting big shareholder tunneling is conductive to improving the efficiency of private companies' resource distribution;for state-owned enterprises,the key to improving the efficiency of corporate governance is to establish effective incentive mechanism.Finally,we put forward policy suggestions for the problems we identify.