国外公司治理研究的回顾:国家、市场和公司的视角

A Review of Corporate Governance Research from the Dimension of Nation,Market,and Company

本文从国家、市场和公司三个层面对近年来国外公司治理领域的文献进行了选择性回顾和评论,并对西方公司治理理论和实践作框架性的总结#在国家层面,我们讨论了治理安排的法律和法规的作用。在市场层面,我们讨论了收购市场、劳动力市场和产品市场竞争。在公司层面,我们讨论了董事会作用、管理者薪酬、大股东作用和股东积极主义#对每一个公司治理安排,我们都讨论了该机制的作用以及存在的问题。在回顾和评论文献的基础上,本文对于未来的公司治理研究方向给出了建议。

The article makes a survey of the studies on corporate governance outside China in recent years.The survey consists of three dimension: nation,market,and company.At the national dimension,we discussed the role of laws and regulations;at the market dimension,we discussed the acquisition market,the labor market,and the product market competition;at the company dimension,we discussed the role of the board of directors,executive compensation,the role of major shareholders,and shareholders activism.We discuss the role of the mechanism and the problems that exist for each corporate governance arrangement.Based on the review of the literature,we give suggestions for future research on corporate governance.