美日公司治理结构的比较及其启示

The Comparison and Enlightenment of the Americanand Japanese Company Management Structure

从世界范围看,公司治理结构呈现出多样性,这种多样性是由各国不同的产权制度和政治、文化背景所决定的。美国公司治理结构有三个特点,一是高层经理掌管企业实权,二是通过优先认购股权激励企业高层经理,三是通过完善的市场机制制约高层经理。日本的公司治理结构则是银行对企业拥有绝对的控制监督权,对公司高级管理人员的监督和激励就不是来自市场,而是来自主银行。参照日美公司治理结构的利弊得失,在我国完善企业治理结构应该重视三个环节:一是理顺产权,为完善公司治理结构奠定制度基础;二是建立企业兼并机制,改善经营环境;三是建立有效的激励和约束机制。

From a worldwide point of view, the company management structures appear to be manifold, which is decided by the different property right regulations and political and cultural background of each country. The American company management structure has the following three features: firstly, the executive managers have the real power over the enterprises; secondly,they are motivated by being granted with the priority to buy the enterprise stocks; thirdly, they are monitored by the improved market system.In Japan the monitoring over the executive managers and their motivation come rather from banks than from the markets. When improving our countrys enterprise management structure, the following three aspects should be emphasized: Firstly, put the property right into the right order;secondly, establish the enterprise merger system; thirdly, set up effective motivating and monitoring system.