论非正式约束对公司股权结构的影响及启示——传统公司治理模式下比较视角

根据诺思的制度变迁理论,作为一种公司治理制度安排,传统公司治理模式下的公司股权结构受到以主流文化为核心的非正式约束的影响。从国家和公司发展的历史视角上看,英美的个人主义和德日的军事集体主义作为其各自传统主流文化,间接通过政治体制和直接作用于财务筹资,对各自传统公司股权结构特点的形成扮演了重要角色。通过分析以上过程,可以获得几点对我国当前公司产权制度改革原则上的启示。

On the basis of the North＇s Theory of Institutional Change,the corporation＇s stock ownership structure under the traditional corporate governance mode,a corporate governance arrangement,is influenced by the informal constraints whose core is mainstream culture.From the historical perspective of nation and corporation,Anglo-American individualism and German-Japanese military collectivism as their respective traditional mainstream culture play the major role in the formation of characteristics of traditional corporate stock ownership structure indirectly through political system and directly through financing.By analyzing above process,the enlightenment regarding the principles of China＇s current corporate system reform is obtained.