公司治理新论(下)——一个中国社会关系结构的视角

The New Reflections on Corporate Governance:A Perspective of Chinese Social Guanxi Structure

宏观层面持续之经济增长,必有其微观层面公司治理结构的有效支持。遗憾的是,无论在实践层面还是理论层面,当前中国公司治理在认识上似乎处于一种含混模棱的状态。实践中的形似而神不似,理论上的神似而形不似,构成了当前中国公司治理研究的困境与挑战。文章致力于提出一种新的公司治理论点——中国社会关系结构下之隐性契约解释,试图为破解上述困境尽微薄之力。公司治理是不同利益相关者的契约集合,任一社会的契约内容及形式都嵌入在交易各方所处的社会结构。离开了对契约的理解,就难以理解公司治理;同样,离开了对社会关系结构的理解,也难以理解契约。文章从历史分析视角,远承中国儒家道德哲学,近袭梁漱溟关于中国文化及陶孟和、费孝通、翟学伟等社会学先生之发明创见,勾勒当下社会所赖以建构的基础逻辑,分析契约内容及形式背后之社会决定,辨明东西方契约形式之关键差异,提出隐性契约在中国社会中形成的文化及伦理源起,厘清隐性契约的特征、利弊及所适,阐释构筑于隐性契约之上的中国公司治理的分析及框架模式,包括隐性契约之交易成本节约的缘由,及其在中国社会关系结构中的实施机制,对已有实证研究成果进行了梳理和解释,最后分析了隐性契约对交易的激发作用,从契约激发交易促进经济增长,于从一新侧面理解科斯定理亦有启发。文章提出的隐性契约视角,区别于英美模式下的显性契约视角,是内窥和展析中国历史传统下公司治理机制的有效路径,亦合于中国式现代化“深深植根于中华优秀传统文化”“展现了不同于西方现代化模式的新图景”的要求,以及应奋力在哲学社会科学领域有所创新之精神。文章不排斥西方公司治理理论的既有逻辑,但更强调结合中国的制度社会文化背景,对不同的契约形式和适应情境进行深入分析和拓展。

Sustained economic growth at the macro level requires effective support from corporate governance structures at the micro level.However,both in practice and theory,current research on Chinese corporate governance appears to be in a state of ambiguity.The discrepancy between appearance and essence in practice and between essence and form in theory presents a dilemma and challenge for research on Chinese corporate governance.This paper proposes a new perspective on corporate governance—an implicit contract explanation within the Chinese Guanxi structure—to help address this dilemma.Corporate governance comprises a collection of contracts among various stakeholders,with the content and form of these contracts embedded within the social structure of the parties involved in transactions.Without an understanding of contracts,it is difficult to comprehend corporate governance;similarly,without an understanding of Guanxi structures,it is challenging to grasp contracts.From a historical analysis perspective that draws upon ancient Chinese Confucian moral philosophy as well as recent insights from Liang Shuming on Chinese culture and sociologists such as Tao Menghe,Fei Xiaotong,and Zhai Xuewei,this paper outlines the fundamental logic underpinning contemporary society;analyzes social determinants behind contract content and form;identifies key differences between Eastern and Western contract forms;proposes cultural and ethical origins for implicit contracts formed within Chinese society;clarifies characteristics of implicit contracts including their advantages/disadvantages and suitability for use;explains an analytical framework for Chinese corporate governance built upon implicit contracts including reasons for transaction cost savings through implicit contracts as well as their implementation mechanisms within Chinese social Guanxi structures.This paper also reviews existing empirical research findings and analyzes how implicit contracts can stimulate transactions and promote economic growth,providing new insights into Coase’s theorem from a different angle.The perspective on implicit contracts proposed in this paper differs from those based on explicit contracts under Anglo-American models.It offers an effective path for introspection and analysis of corporate governance mechanisms within China’s historical traditions while meeting the requirements for modernization deeply rooted in China’s excellent traditional culture.This approach presents a new vision distinct from Western modernization models and strives for innovation within philosophical and social science disciplines.While this paper does not reject the existing logic of Western corporate governance theories,it emphasizes deeper analysis and expansion based on China’s institutional,social,and cultural background concerning different contract forms and situations.