从美国公司信誉危机看“一元制”公司治理的缺陷——兼论我国公司治理框架选择

On the Flaws of One Part Governance in Companies from the View of U.S Listed Company Trust Crisis

“一元制”公司治理的缺陷 ,是去年年末以来美国公司信誉危机的制度性根源。它主要表现在 :股东至上主义的公司治理理念 ;公司决策权过度集中于单一组织及个人 ;主要依靠公司外部监管的监督约束机制 ;过分崇尚股权奖励的激励机制。在我国最初公司制企业制度的设计时 ,曾吸收了“一元制”和“二元制”的优点 ,但后来则表现出日益向“一元制”公司治理发展演变趋势。作者认为 ,这次美国公司会计丑闻事件为我们敲响了警钟 ,应尽快扭转目前的这种美国化趋势 ,回到《公司法》厘定的基本框架上来 ,按照“二元制”公司治理的构想来探索我国公司治理的走向。

The flaws of one part governance are the institutional reasons of U.S listed company trust crisis since last year. These are the followings: the harness concept of stock holders being god; the excessive concentration of policymaking; excessively depending on outside supervising; overconfidence in share insitive system; etc. When we made the original company system we had tried to absord the virtues of both one part governance and two parts governance system. But later we gave more interesting on the former. The author says that U.S. listed company credit crisis is a warning to us, we have been more American, we must turn to the basic principles set by company law and find out China's company harness system according to two parts governance concept.