现代公司治理结构:经济效率与制度适应的统一

Modern Corporate Government:The Unity of Economic Efficiency and Institution Adaptation

如何构建“规范的公司治理结构”，近一段时间来一直是国内经济理论界讨论的热点。综合起来看，现有文献的基本特征仍是以“引进和借鉴”西方理论为主，甚至在某些方面能够紧跟西方理论前沿。在概念上，公司治理结构是一项(以效率为基准的)关于企业参与者之间权利关系的制度安排；如果考虑到制度变迁的环境，它却是与市场经济原则和个人化的产权规范高度相容的。流行的西方公司治理理论有一个预设前提：外部(产权)制度不能达标，公司治理结构的固有缺陷就无法克服。从这个意义上讲，脱离我国基本制度环境的公司治理理论，难免会失之偏颇。我们应当力求避免用西方的理论方法把中国企业当作西方企业来研究。

Recently,how to construct government structure of stand ard corporate is the focus of domestic economist.From the integrated point,the p rimary feature of all existing reference is still using Western theories for ref erence.In some respects,it can even catch up with the current issues of western theories.On conception,Corporate government structure is an institution arrangem ent (according to efficiency) about authority and benefit of corporate participa tion.If considering the environment fo institutional changes,it is in great conf ormity with market economic principles and private property right standard.Popul ar western corporate government theories have a hypothesis condition:external (p roperty right) institution cant complete the objective,the inherent defect of corporate government cant be overcome.From this view,if corporate government t heories lose contact with our nations basic institution environment,it will lo se its direction.We must avoid regarding the Chinese enterprise as western enter prise and using the western theory and method to study those enterprises.