新时代上市公司治理:中国情境与国际接轨——兼评《上市公司治理准则》(修订版)

Governance of listed Companies in the New Era:China's Situation Is in Line with International Standards——Comment on Reviewing the “Guidelines for the Governance of Listed Companies”

《上市公司治理准则》自2002年颁布实施至今,已滞后中国资本市场与国外公司治理规则发展。2018年9月30日证监会发布了新修订的《上市公司治理准则》。新《准则》既在加强党的领导和党的建设等方面凸显新时代公司治理的中国情境,又在机构投资者参与公司治理等方面体现了新时代公司治理的国际接轨。本文在梳理国内外公司治理规则的最新动态基础上,分析其变化并提出对策建议,以期提升新时代上市公司治理质量,实现资本市场稳定发展。

The "Guidelines for the Governance of Listed Companies" has been promulgated since 2002 and has lagged behind the development of Chinese capital markets and foreign corporate governance rules. On September 30 in 2018, the China Securities Regulatory Commission issued a new revised "Guidelines for the Governance of Listed Companies." The new "Code" not only highlights the Chinese situation of corporate governance in the new era in terms of strengthening party leadership and party building, but also reflects the international integration of corporate governance in the new era in terms of institutional investors’ participation in corporate governance. Based on the latest developments of corporate governance rules at home and abroad, this paper analyzes its changes and puts forward suggestions for improvement, with a view to improving the quality of governance of listed companies in the new era and achieving stable development of the capital market.