东南亚华人企业治理结构探微

Probe into the Governance of Ethnic Chinese Enterprises in Southeast Asia

华人企业的显著特征就是其治理结构的家族化 ,创业者家族能够将企业控制权牢牢地控制在自家手中。至于如何才能获得并牢牢地掌握企业控制权 ,中小企业和所有权相对较为分散的大型企业有所不同。对于数量占绝大多数的中小企业 ,由于通过高度集中所有权从而集中控制权 ,其股份不能够多元化 ,不能吸收外部资本 ,致使多数华人企业长不大。对于所有权相对较为分散的大型华人企业 ,其所有权与控制权分离往往采用暗箱操作 ,既不具有透明度 ,也不利于吸引外部投资者 ,不但不利于其进一步发展壮大 ,而且由于创业者家族掌握的控制权与其所有权不对称 ,具有从事高风险投资和压榨小股东之倾向 ,此乃亚洲金融危机的一个重要诱因。

The ethnic Chinese firms are characterized by family control, where the control of the firm is firmly held in the hand of the founder's family. How do they obtain such control? The small and medium-size enterprises differ from the large firms with relatively dispersed ownership. The vast majority small and medium-size enterprises normally use high concentration of ownership, therefore unable to diversify their shares and attract outside investment, which ultimately hinder the growth of the firm. The large firms with relatively dispersed ownership normally separate the ownership from control by various under-table devices,which are neither transparent nor helpful in attracting outside investment. Such practice not only hinders the growth of the firm, but also causes high risk investment . This was one of the major causes to the Asian financial crisis.