公司治理风险与证券市场安全

An Analysis on Corporate Governance Risk of Listed Companies and Stock Market Security

在中国证券市场国际化、全流通、多层次的背景下,上市公司面临着更加特殊、复杂、多样的公司治理风险。尤其中小板和创业板"大跃进"式发展使其隐藏着比主板市场更大的公司治理风险。目前是公司治理风险集中凸显的时期,治理问题复杂化、潜在风险显性化,对证券市场的安全构成了很大威胁和挑战。公司治理风险是法律体系不健全、投资者保护弱、监管薄弱、公司与市场缺陷的集中体现。公司治理改革是一项系统工程,治标不治本的做法不能从根本上解决公司治理风险。

Corporate governance risk is the biggest risk of the stock market. Companies face even more special, complex and diverse corporate governance risk in the backdrop of the internationalization, the full circulation and multi- level of Chinese stock market. In particular, due to the ＂ great leap forward＂ development, there are even higher corporate governance risks in the Small Board and Growth Board markets than in the Main Board market. Now the all - at - once appearance of corporate governance risks, the complication of corporate governance and the domi- nation of potential risks pose a big threat and challenge to the security of the stock market. Corporate governance risk is a focal reflection of an unsound legal system, a weak protection of investors, a weak supervision and defects of listed companies and markets. Since corporate governance reform is a systematic project, the palliative approach can not fundamentally solve the problem of corporate governance risk.