两权分离与公司治理的演进——英美经验与我国实践

Bi-power Separation and the Evolution of Corporate Governance:Anglo-American Experience and China’s Practice

公司治理的演进过程也是所有权和控制权以及经营权分离的过程。通过对英美国家公司发展不同时期两权分离的历史考察,发现两权分离与公司治理演进之间存在依存关系:两权分离依次经历了所有权和经营权分离、所有权和控制权分离、控制权和经营权分离和同股不同权等阶段,不同形式的两权分离带来不同的公司治理问题,从而产生相应的治理手段,推动着公司治理的演进。通过对中国企业改革和发展过程的历史回顾也证明了两权分离与公司治理之间存在共同演进关系。针对研究发现,最后提出了我国公司治理改革的方向性建议。

The evolution of corporate governance is also the separation process of ownership and control as well as management rights.Through the historical investigation of bi-power separation in different periods of the development of Anglo-American companies,this paper finds the interdependent relationships between bi-power separation and the evolution of corporate governance.Bi-power separation includes separation of ownership and management,separation of ownership and control,separation of control and management,and dual-class shares.Different forms of bi-power separation lead to different problems of corporate governance,and then result in corresponding means of governance,which promotes the evolution of corporate governance.By reviewing the historical progress of the reform and development of Chinese enterprises,we also provide the evidence of the co-evolutionary relationship between bi-power separation and corporate governance.On the basis of findings,some directional suggestions are put forward finally to improve future corporate governance.