论利益均衡与公司治理绩效——“济南现象”的博弈论分析

Analysis of "Jinan Phenomena" from the Angle of Game Theory

“济南现象”指的是济南市市属及管理的5家上市公司都因连续两年以上亏损或每股净资产低于股票面值等原因而被特别处理。根据信息经济学与博弈论的一般原理，对公司治理参与各方利益关系进行分析就会发现，公司治理过程中的利益相关者存在多重利益博弈关系，利益相关者的利益均衡是提高公司绩效的基本动力。出现“济南现象”的根本原因，是公司治理过程中利益相关者利益严重失衡、矛盾冲突长期难以有效解决所致。“济南现象”从一个侧面说明变革上市公司现有股票发行体制和管理体制的必要性和紧迫性。

:The author analyzes the balanced interests in all parts of the firm according to general theories of information economics and game theory. It's a basic motive power to increase management efficiency according to balance interests in all parts of the firm, which have lots of game relationships in the course of firm management. It's an essential reason of 'Jinan Phenomena' that the firm's interests interrelated parts have little balanced interests, therefore, the contradictions in the firm have not been resolved for a long time. It proves that it's important to reform the stock issuing and company managing system of listed companies.