公司治理的内部结构与外部控制

【作者】 杨旭东；

【导师】 庄宗明；

【作者基本信息】 厦门大学 ， 世界经济， 2002， 博士

【摘要】 公司治理与公司并购是当前人们讨论的两个热点问题，但它们之间的内在联系却没有被充分揭示，本文借助于新制度经济学企业理论的分析方法，通过分析公司治理与并购的国际经验与中国的实践，力图解决以下几方面的问题：第一，从人们行为动机的角度出发，通过比较研究，揭示公司治理内部结构与外部控制机制的形成与现实运作；第二，揭示公司治理内部结构与外部控制机制之间的内在联系；第三，分析不同公司治理模式形成的原因、评价其现实的经济表现并揭示其发展趋势；第四，根据发达国家公司治理的经验总结，对我国国有企业公司治理的现状作出评价，并提出改善国有企业公司治理的若干政策建议。 根据研究目的的需要和论述过程中的内在逻辑，本文在总体构思上共划分为六章： 第一章为本文的理论铺垫部分，借助于新古典经济学企业理论的主要观点，分析了企业的性质和基本形态，公司制企业中公司治理问题产生的必然性，以及公司治理的一些基本理论问题。 第二章主要从人们行为动机的角度出发，考察了各要素所有者(在文中被称为利益相关者)参与企业经营、分享公司控制权时利益动机的实现途径及其行为特征。通过对个体经济行为的分析，有助于理解企业组织体的经济行为特征。 第三章着重分析了公司治理的内郎组织结构，即狭义上的公司治理结构，表现为通过公司内部层级组织的权威性配置公司控制权(包括对公司控制权的约束和激励两个方面)，以及依托于公司内部层级组织发展出来的一些间接的控制权行使方式。 第四章集中探讨了公司并购，即公司控制权的市场转让机制，它通过公司控制权市场发生作用，构成了公司治理的有机组成部分，着重分析了公司并购的治理意义和影响公司并购的制度因素。 第五章是本文的理论总结部分，本章根据前面对公司治理内部结构和外部控制权市场的分析，归纳了两种基本的公司治理模式，分析了决定这两种模式形成的主要原因，以及在这两种模式下解决公司控制权配置问题的主要方式，根据其现实的经济表现，本文对这两种基本的公司治理模式进行了评价，总结了发达国家公司治理的主要经验和存在的一些问题，并进一步探讨了它们的发展趋势和前景。 第六章是本文的理论引申部分。在完成了跨国比较研究之后，本章转而分析我国国有上市公司的治理问题。与发达国家成熟的公司治理机制相比，目前我国国有上市公司治理存在着一些突出的问题，在现实中有着多方面的表现，本章对这些问题产生的原因以及解决问题的途径作了一些探讨。更多还原

【Abstract】 Corporate governance and corporate M&A(Mergers and Acquisitions) are two hotspots being discussed at present, but their inherent relations have not been thoroughly revealed. Based on the corporate theories of neo-institution economics, the author analyzes the international experience and Chinese practice in order to settle the following questions: first, reveals the formation and practical operation of the internal structure and external control mechanism of corporate governance through comparative study from the angle of people’s behavioral motives. Secondly, reveal the inherent relations between of the internal structure of corporate governance and external control mechanism. Thirdly, analyzes the cause of formation of different models of corporate governance and evaluates their practical economic performance and reveals their development trends. Lastly, evaluates the status quo of the corporate governance of Chinese state-owned enterprises using the experience of corporate governance in developed countries for reference, and proposes some advice on improving the corporate governance of our state-owned enterprises.According to the objective and inherent logical coherence, the thesis is composed of six chapters.The first chapter provides the theoretical background for the thesis. Based on the corporate theories of neoclassical economics, the author analyzes the essence and basic forms of corporations, the inevitability of the rising of various problems arising from corporate governance, and some basic theories of corporate governance.From the angle of people’s behavioral motives, the second chapter reviews the approaches and behavioral characteristics of interest motives of the participation in corporate operations and the sharing the corporate control rights of different factor owners (which are called "interest-related parties" in the thesis). The analysis on individual economic behaviors may help to understand the characteristics of the organizational economic behaviors of a corporation.The third chapter mainly analyzes the internal organizational structure of corporate governance, that is, the corporate governance structure in the narrow sense. The governance structure is manifested by the allocation of corporate control rights (including the constrains and inspirations of the control rights) through the authority of the internal hierarchy of a corporation, and some indirect control rights derived from the hierarchy.The fourth chapter discussed the corporate M&A, that is, the market transferring mechanism of corporate control rights which can be realized in the corporate control rights market and become an organic part of corporate governance. In this chapter, the author mainly deals with the governance significance of corporate M&A and the institutional factors influencing M&A.The fifth chapter is the theoretical conclusion of the thesis. Based on the analysis of the internal structure of corporate governance and the external control rights market, the author sums up two basic governance models, then explains the causes of formation of the two models and themajor solutions to settle the allocation of corporate control rights. According to the practical economic performance, the author evaluate the two basic governance models, concludes the major experience and existing problems of the corporate governance in the developed countries, and discuss their development trends.The six chapter acts as the theoretical explication. Finishing the international comparative studies, the thesis analyzes the governance of Chinese listed state-owned enterprises. Compared with the mature governance mechanism in those developed countries, our listed state-owned enterprises still have some protruding problems which are manifested in various aspects. The author probes in the causes for these problems and provides some solutions to them.更多还原