我国上市公司治理结构模式的现实选择

Realistic Selection for the Model of Corporate Governance Structure of Listed Chinese companies

现代公司治理结构的特征是权责分明 ,各司其职 ;委托代理 ,纵向授权 ;激励与制衡并存。由于投资者行使权利的不同 ,公司治理结构模式可分为外部控制模式和内部控制模式。而我国国有上市公司治理结构存在着政企仍未完全分开 ,国有股“一股独大”、中小股东权益得不到保障等问题。为此 ,我国国有上市公司治理结构应采用引入多元化治理机制的内部控制模式。

The characters of modern corporate governance structure are as follows: distinct rights and responsibilities of owners and operators; principal agent relationship between them, vertically authorized operators; coexistence of incentive and constraint for operators. Based on the investors different rights, the mode for corporate governance structure can be divided into the mode for 'inner control' and the one for 'external control'. The governance structure of state owned listed company has a number of problems such as the incomplete separation of government and enterprises, the overwhelming predominance of state owned share and the insufficient protection for medium and minor shareholder's benefit. Thereby the corporate governance structure of 'inner control', into which multiple governance mechanisms are introduced should be adopted.