按共同治理原则构建国有企业的治理模式

Building Up the Model of Corporate Governance in the State-Owned Enterprises According to the principle of Co-governance

传统公司治理理论在单一委托—代理框架内强调股东主权以解决所有者与经营者之间的利益冲突。随着人力资本产权理论、利益相关理论和企业社会责任理论兴起 ,尤其是 2 0世纪 80年代在美国兴起的恶意收购浪潮和反收购立法运动 ,人们对传统公司治理的经济学逻辑产生怀疑 ,共同治理原则开始孕育并日益为人们所接受。按照共同治理原则 ,我国国有企业的治理模式关键是在扬弃股东至上原则的基础上确认共同治理主体 ,建立有效的共同治理机制。

Traditional theory of corporate governance emphasizes the sovereign rights of stockholders within the framework of the principal-agent relationship to settle the conflicts of interest between owners and managers.With the upsurge of human capital ownership theory,stakeholder theory and corporate social responsibility theory, especially with the hostile takeover and counter-takeover legislation in the 1980s in America,people began to doubt the economic logic of traditional corporate governance,and the principle of co-governance was gestated and was increasingly accepted by people.According to the principle of co-governance,the key to building up the governance model of the state-owned enterprises in our country,is to notarize the subject of co-governance,on the base of developing and discarding the principle of shareholder primacy,and to establish effectual co-governance mechanism.