公司治理的路径演化和路径选择

Path Evolution and Path Selection of Corporate Governance

公司治理路径演化是由行动主体、行动客体以及外部环境共同决定的复杂过程,路径依赖和路径创造是公司治理演化到一定阶段所出现的两种路径选择。本文从行动主体多样性、演化路径动态性以及外部环境多变性三个视角分析了公司治理的演化过程,探讨了不同阶段影响公司治理路径演化和选择的主要因素,并构建了公司治理的演化博弈模型。研究结果表明,行动主体的预期收益、风险偏好及利益集团势力对比、认知能力、路径发展阶段和转换成本、外部环境等是影响公司治理路径选择的重要因素;在公司治理路径演化的不同阶段上,路径依赖的程度和公司治理效率是不同的,随着路径的演化,路径依赖的程度呈递增趋势,而公司治理效率先上升后下降,呈抛物线形。在上述研究基础上,本文针对中国公司治理现状,从行动主体、行动客体和外部环境三个方面,就提高预期收益和认知能力、分化或瓦解既得利益集团、设计和选择演化路径、改善外部治理环境等提出了一些对策建议。

Path evolution of corporate governance is a complex process codetermined by action agent,action object and external environments. Path dependence and path creation are two kinds of path selection when corporate governance evolves at a certain stage. This paper, from the perspectives of diversity of action agent, dynamics of path evolution and variability of external environments, analyzes the evolution process of corporate governance, explores the main factors influencing path evolution and path selection at different stages of corporate governance development, and builds a model of evolutionary game of corporate governance. The research shows that transfer costs, expected benefits, risk preference and cognitive capacity of agents, power of interest groups, and external environments are important factors that affect path selection of corporate governance. Moreover, at different stage of path development, the degree of path dependence and the efficiency of corporate governance are different. The degree of path dependence is increasing with the path development, while the efficiency of corporate governance appears as a parabolic curve. Based on above, from the aspects of action agent, action object and external environments, we provides some approaches and suggestions with regard to the status quo of Chinese corporate $overnance practice, involving enhancing agents＇ expected benefit and cognitive ability, splitting or disintegrating vested interest group, designing and selecting evolutionary path, improving governance environments, and the like.