公司治理理论前沿综述

The Frontier of Corporate Governance:A Survey

1 997年亚洲金融危机的影响还未完全消除 ,美国股市又相继爆出了安然、世通等一系列丑闻 ,公司治理问题一直在其中扮演着重要的角色。我国政府将建立有效的公司治理结构视为“现代企业制度”建设的核心内容 ,而加入WTO的承诺使得全面系统地处理这一问题显得更加紧迫。本文试图在契约 (激励 )理论发展的大背景下对公司治理的最新进展作一回顾和评述 ,以期为所有关注公司治理理论和实践的人士提供一些新的视角和研究参考。

Corporate governance,a critical component of financial economics,which emphasizes the interrelationships among pledgeable income,monitoring,and control rights,has entered into a new stage with the development of contract and incentive theory.This paper surveys recent academic literatures on this field using a unifying and simple framework.It also offers some explanations for the coexistence of multiple securities with differentiated control rights.For the first time,this paper provides preliminary analysis of the concept of the stakeholder society.The macroeconomic consequences of corporate governance are then analyzed.Finally,we pay special attention to the importance of the legal protection of investors and that of ownership concentration in corporate governance.