【作者】 高艳；

【导师】 朱显平；

【作者基本信息】 吉林大学 ， 世界经济， 2004， 硕士

【摘要】 公司治理问题是随着股份公司的产生而产生的，也就是说公司治理是解决所有权和控制权相分离所产生的代理问题的一系列制度安排。20世纪80年代以后，世界经济、政治一体化和科学技术的迅猛发展，使各国学者深刻地认识到：一方面，良好的公司治理机制是现代市场经济健康运作的微观基础；另一方面，良好的公司治理是提升一国国际竞争力的重要因素。根据西方学者对发达市场经济国家公司治理的研究成果，把公司治理模式分为以英美为代表的市场导向型和以德日为代表的银行主导型两种。然而，对经济问题的关注与讨论总是源于经济环境的变迁。20世纪90年代以来，转轨经济国家的出现又为公司治理问题的研究提出了新的挑战。转轨国家的公司治理具有不同于发达市场经济国家的特殊性，主要原因在于：首先，转轨国家的公司是对原计划经济的基层单位进行人为改造的产物，它不同于自然成长而来的公司；其次，转轨国家的公司治理是在资本市场、劳动力市场、经理市场等一系列要素市场都很不发达的情况下开始自己的公司治理的探索的。经过转轨国家的实践，各国学者普遍认为，公司治理对于转轨国家具有极其重要的意义，公司治理的好坏关系到转轨的成败。俄罗斯是转轨国家的典型代表，本文旨在通过对俄罗斯公司治理的现状、特点及其存在问题的分析研究，为转轨国家公司治理的建设提供正反两方面的经验和教训。文章以私有化为线索，阐述了不同时期俄罗斯公司治理的概况，进而总结出俄罗斯公司治理存在的问题及其特点，并使我们清楚地认识到为了健全和完善转轨国家的公司治理，应该注意的问题和方面。 <WP=40>俄罗斯于1992年开始的大私有化，即把一定数量的大型国有企业改造成开放型的股份公司，掀起了俄罗斯公司治理的序幕。证券私有化的制度安排形成了严重的“内部人控制”的治理结构。一方面，这种治理结构使管理者集所有权和控制权于一身，不利于引入有效的竞争机制和激励机制；另一方面，使外部股东没有机会参与到公司治理中来。为了克服这种模式的缺陷，俄罗斯在调整私有化方案的同时，于1996年1月1日开始实施新的《俄联邦股份公司法》，这些措施虽然没能从根本上改变严重的“内部人控制”局面，但也取得了一定的效果，如内部人拥有的股票份额下降，外部人持股比例上升等。公司治理的外部监督和控制同样是不容忽视的，外部治理主要是通过资本市场、银行和政府来实施。目前，俄罗斯的外部治理处于初步发展阶段，在很多方面还需要长期努力。总之，俄罗斯的公司治理兼具英美模式和德日模式的某些特征，是一种转轨经济中特有的不成熟的综合型治理结构。主要表现在政府主导性、产权高度集中、内部人控制程度高、小股东产权缺乏有效保护等几个方面。根据俄罗斯的经验和教训，要健全和完善转轨国家的公司治理，在调整公司治理改革的思路、构筑对“内部人控制”进行外部监督的治理机制的同时，要建立良好的外部制度环境，持续不断地完善公司治理结构和产权制度。更多还原

【Abstract】 Corporate governance problem is along with the company of stock produce, namely, it is solution ownership with control right appearance split a series of system arrangement of the agency problem that produces. In 20 century 80 decade after, the swift development of world economy, political unifinication and science and technology makes countries scholar know deeply: It is the microscopic foundation of modern market economic healthy running that on the one hand, good corporate governances mechanism, stabilize and develop for economy and finance to have significant meaning; It is the important factor of promotion a country international competition ability that on the other hand, good corporate governances.According to the research accomplishment that western scholar administers for developed market economic national corporate governance company pattern divide into the market lead type with the United States and Britain as representative with with virtue the bank leading type with day of representative two. However, it is for the solicitude of economic problem with discussion is source always in the changes of economic environment. In 20 century, the appearance that turns the country of rail economy since 90 decade is again that corporate governances the research of problem to put forward is new to challenge. The company that turns the country of rail administers to have the particularity that is different from the country of developed market economy, major reason lies in: First, turn the company’s basic unit of being for original planned economy of rail country to carry out the outcome of artificial transform, it is different from nature to grow up and come to company; Secondly, it is in capital market to turn the company of rail country to administer, a series of markets of essential factor such as the manager market <WP=42>and market of labor force very not developed condition next beginning own corporate governance explore. Via the practice that turns the country of rail, countries scholar thinks generally, corporate governance for turn rail country have extremely important meaning, company can be bad as administering to concern the success or failure that turns rail, concern to turn rail effect. Russia is the typical representative who turns the country of rail, this paper aims at passing through the analysis research for the characteristic and its existent problem and present situation that Russian corporate governances, offers pros and cons both experience and lesson to turn the construction that rail national corporate governances. Article with privately owned melt for clue, have elaborated the general situation of same time that Russian corporate governances, and then summary makes the Russian company’s problem and its characteristic of administering existence, and make us know clearly to improve and perfect the aspect and problem and that corporate governances and should pay attention that turns the country of rail. The privately owned stock company that reforms a certain quantity of large scale state-owned enterprise into open type that Russia begins in 1992 has raised the prologue that Russian corporate governances. Bond privately owned system arrangement have formed serious " internal manual operated system " administer structure. On the one hand, it is this kind of to administer structure to make manager gather ownership and control right in one body, disadvantage in lead into effective competitive mechanism with encourage mechanism; On the other hand make external shareholder have no opportunity to participate in go to corporate governance in come. To surmount the defect of this kind of pattern, Russia implements while adjusting privately owned scheme, beginning from January 1,1996 " new Russian federal stock company law ", though, these measures can not change the serious situation " inside is manual operated to make " from foundation, have but also gotten certain effect, drop as the stock share that internal person possesses, external person hold share proportion rising. <WP=43>The external s更多还原