公司治理水平与多元化纠纷解决机制选择

Corporate Governance and the Choice of Diversified Dispute Resolution

多元化纠纷解决机制是国家治理体系和治理能力现代化的重要内容。司法纠纷解决是公司治理必不可少的环节,非诉讼解决机制在商事纠纷中被越来越广泛地采用,在经济学研究中却鲜被关注。本文用博弈模型和实证研究刻画了公司面对纠纷时如何选择纠纷解决方式的机制。研究发现,除了不同机制本身的交易成本差异,公司经营水平、代理成本和信息不对称程度也是影响纠纷解决机制选择的重要因素,选择合适的纠纷解决机制有利于提升公司价值。本文的研究为公司治理提供了新的外部治理因素视角,补充了司法层面上法与金融的研究,为我国资本市场司法体制改革提供了参考。

The diversified dispute resolution mechanism is an essential part of the modernization of the national governance system and governance capacity,while the judicial dispute resolution is an indispensable part of corporate governance.Diversified dispute resolution is more and more widely adopted in commercial affairs,but little attention has been paid to it in economic research.This paper takes a game model and empirical research to describe how a company chooses a dispute resolution method.We found that transaction costs,agency costs,along with information asymmetry in corporate governance are the vital factors influencing the choice of resolution mechanism in litigation.We also found that the choice of alternative resolution is conducive to enhancing company value.This paper provides a new perspective of external governance factors for corporate governance research,which supplements the research on law and finance at the judicial level,and provides a reference for the reform of the legal system of the capital market in China.