美国的公司治理与购并——20世纪80—90年代历史之解读

本文介绍了1980年以来美国的公司治理和兼并行动的变革情况,并对其成因进行了研究剖析。在美国20世纪80年代的公司治理中,频繁的公司兼并行动始终占主导地位,其中又以杠杆收购(LBO)和敌意收购的盛行为显著特征。继90年代初期的短暂沉寂后,在90年代中后期,大规模的公司兼并行动再度抬头,但此时却未出现LBO和敌意收购。与以前不同的是,公司内部治理机制在90年代大行其道。最后文章还探讨了这些变革及股东中心主义的发展方向是否会延续下去。

This paper describes and considers explanations for changes in corporate governance and merger activity in the United States since 1980.Corporate governance in the 1980s was dominated by intense merger activity distinguished by the prevalence of leveraged buyouts(LBOs)and hostility.After a brief decline in the early 1990s,substantial merger activity resumed in the second half of the decade,while LBOs and hostility did not.Instead,internal corporate governance mechanisms appear to have played a larger role in the 1990s.We conclude by considering whether these changes and the movement toward shareholder value are likely to be permanent.