【作者】 张晓峰；

【导师】 徐向艺；

【作者基本信息】 山东大学 ， 企业管理， 2008， 博士

【摘要】 每个时代都有一些沉淀其主要信息的关键词。从伯利与米恩斯开创性的研究,到英伦三岛企业倒闭所引发的全球关注,再到近二三十年里的纵深化发展,“公司治理”当之无愧的成为近百年的主题词之一。然而,当翻阅卷帙浩繁的公司治理文献,“股东至上”与“利益相关者”的争论也贯穿于这百年之间。对于公司治理究竟是什么,现有研究并没有给出无可争辩的答案。而且,在这近百年的时间里,公司治理无论是研究方法还是研究对象本身都已经发生了翻天覆地的变化,原有基本假设和隐含前提,正面临着时代发展和企业变迁的重新考量:比如对企业不同的认识是否会导致不同的研究方向,单纯的物质资本至上的逻辑是否合适,把关乎剩余分配的制度安排作为研究重点是否在不经意间忽略了更重要的方面等。一些新形势下出现的新问题,也需要公司治理做出响应:比如人力资本的重要性日益凸显,信息技术的迅猛发展造成企业的机密容易外泄、核心资源保护困难等等。有调查报告显示,在500家年轻的、成长快速的企业当中,有71%的是雇员剽窃原雇主的技术或思想而创立的。所有的这些都使得对公司治理的研究进行“回潮”,从源头上重新审视变得并非画蛇添足。当然,这种“回潮”有意义却也存在“风险”,因为在前人丰富的研究成果及成熟的体系之内,不入主流的声音很容易被湮没。尽管如此,论文还是试图寻找一个新的视角来对公司治理做出解释和整合。在寻找过程中发现,公司治理已经得到了经济学、管理学、法学、社会学等众多学科的交叉研究,而其研究内容与焦点都可以从“权力”当中找到线索:经济学所理解的制度安排必然反映的是权力的分配关系,这是卢梭早在1762年就论证了的观点;管理学研究的是治理结构当中各部分的功能和运作方式,着眼于责、权、利的界定:法学从法理的角度理解公司治理,本质上是孟德斯鸠“三权分立”思想的发挥;社会学的一部分精力则在关注公司日益膨胀的权力及引致的社会问题……事实上,Zingales在2000年就已经指出“科斯教会我们认识到市场交易是有成本的,而企业通过权威控制得以避免了价格机制带来的成本。从更普遍的意义上说,公司治理研究的就是这种权威(权力)是怎样配置和执行的”。因此,论文选择“基于权力视角下的公司治理”这样一个稍显“宽泛”的题目来尝试性的展开研究。以权力的视角研究公司治理问题,首当其冲的是“所有权的标识与配置”,而“剩余索取权”与“剩余控制权”则是这当中引起最大关注和应用的两个变量和概念。但随着研究的深入,对这两个概念的批评也越来越多。一个显而易见的问题是,所有权标识与配置显然不应当成为公司治理研究的全部,而把剩余“索取”或“控制”的权力天然的归为物质资本所有者更不符合企业经营的现实。显然,公司权力需要超越所有权。遗憾的是,当试图沿着权力这条道路继续前进时,却发现权力、权力结构、权力的来源与基础等存在相当多的混淆。至此,一条清晰的研究思路展现出来:以界定和研究公司权力入手,通过对公司治理理论的梳理和反思,构建公司权力的O-SEA模型,以此为工具从权力的视角实现公司治理理论的整合和实践的优化,调和“股东利益至上”与“利益相关者”之间的争论,拓宽公司治理的研究视野。基于以上思考,论文分为九章。导言是对选题和写作思路的说明,并对论文将要涉及的某些方法论原则和价值判断进行简单辩护。第一章遵循“对企业本质的不同理解将导致公司治理研究的不同方向”这一假设,以企业本质的理解和公司治理的定义为线索,综述了论文所需要的基本理论。第二章的关键词是权力,以界定公司权力为着眼点对不同学科所涉及的思想进行了整合,从而提炼出论文对公司权力和权力结构的定义,并结合静态和动态对公司权力的来源进行了分析,是对公司权力基本概念和范畴的界定。第三章构建论文的主要理论工具:O-SEA权力模型,藉此实现了对以往研究集中于所有权的批判和超越,并从企业发展阶段和资本裂变两个视角进行了验证。第四章通过公司治理的梳理反思,主要表达了对“新企业的旧治理”研究现状的不满。第五章是用O-SEA权力模型分析公司治理,从理论角度详细给出了不同权力类型在公司治理中的作用、地位以及重点。其中,O型权力是决定资本与劳动间的雇佣关系:源于专用性投资的S型权力需要提供激励和保护;E型权力因处于谈判的强势地位往往会攫取部分企业剩余,即通过让渡企业剩余、创造互补性等措施来维持稳定性;对A型权力的恰当配置则可以实现专用性投资激励与核心资源保护的目的。第六章作为权力视角下公司治理优化,分别得出以下四点措施与建议:第一,体现权力的边界。通过对公司中所存在的经营、法人、法律、权力、契约五种边界的区分,定义权力边界是公司治理的边界。在此基础上以网络企业为例,论证了权力边界在公司治理中应用和措施:区分了主次要利益相关者、维持互补性、构建知识共享平台、治理隐形契约、动态调整权力边界。第二,结合企业的发展阶段与规模。通过建立企业发展阶段与权力、公司治理间的关系模型,根据不同阶段的权力特点,指出公司治理重点在企业的初创期是契约治理,成长期是代理问题治理,包括“股东对股东的代理”和“经营者对股东的代理”。成熟期是强调决策科学。第三,把握O-SEA权力之间的转化。对O型权力与SEA权力体系之间的转化现象及不同权力组合之间特点做出分析,得出了构造稳定性的权力治理建议与措施。第四,针对我国监事会与独立董事并存的二元监督机构的特点,提出了基于不同理念的职能定位、组建O-SEA权力主体参与的监事会以及建立独立的独立董事选聘机制三点建议。第七章案例写作从两个部分进行,第一部分选取国内外知名企业在O-SEA权力模型中某个权力方面配置的经验和教训,验证了每种权力的特点及在公司治理中的作用;第二部分以跟踪近10年的企业为例,结合其发展历程对整个O-SEA权力的动态变化进行了说明与评判,籍此实现了对论文整体内容的总结、验证和回顾。第八章是论文简单的结论和研究展望。概而言之,整篇论文侧重理论创新,试图在前辈们思想当中另辟蹊径,从新的角度把研究往前推进一小步。然而,尽管十分小心翼翼,这一小步仍然感觉步履维艰。所构建的O-SEA权力模型只是粗浅的,思想也并不成熟。在权力的测度、实证检验,以及更详细的治理机制构建方面,还有许多工作要做。更多还原

【Abstract】 There are always some keywords to deposit main information of different times. "Corporate governance" is worthy of one of the theme in a century whether in the initiating research done by Berle and Means or in the close down of many England enterprises, and or in the deep development of corporation in recent twenty years. However, we can find out that the argument of "shareholders’ profits" between "stakeholders’ profits" is run through the century when we turn over literature about corporate governance. The existing theories did not provide us with unarguable answer to the question of "what on earth is the corporate governance". Moreover, whether the research methods or research objects have changed world-shaking in the century, its intrinsic hypothesis and connotative premise is facing the retest coming from age development and corporate transition. For instance, whether different understanding to corporation would lead to different research orientation; to emphasize substance capital is proper or not; whether to emphasize the institutional arrangement of residual would ignore more important aspect and so on. The appearance of new position and question also ask for the response coming from corporate governance, and to resurvey the research in corporate governance from the very beginning. Certainly this kind of "reversion" has both importance and risk.Still we try to make more proper explanations and conformity from a new visual angle. In the process of search we find out that corporate governance has gained crossover research from scholars in such subject as economics, management, law, sociology and so on. And there is the same point in their study: to find clew in "power". Institution arrangement in economics react the allocation of power. Management investigates function and operation way and respects on the boundary of duty, power and profit. Law explains corporate governance from the visual angel of legal theory and it is in nature the exertion of "three power schism". Some researchers in sociology pay more attention to social problems roused by increasingly inflated power. As a matter of fact, Zingales has pointed out in the year of 2001 that "Coase taught us that using the market has its costs, and firms alleviate these costs by substituting the price mechanism. By and large, corporate governance is the study of how this authority is allocated and exercised." Therefore, we choose "corporate governance based on the visual angle of power" to take an attempt study.To take study on corporate governance from the visual angle of power, the first point is the "sign and allocation of ownership", and there are two attention-gained variables and concepts-"residual-ask power" and "residual-control power". With the deep development of research, there is more and more criticism on these two concepts. One obvious problem is that the sign and allocation of ownership should not be the whole of corporate governance and take residual power as one that belongs to material owners naturally. The corporate power studied in this dissertation exceeds the ownership. However it is a pity that we find out some confusion about power, power structure, and power origin and power basis when we move on in this way. Therefore, the research thought in this dissertation is as follows: start from defining and studying corporate power and by taking hackle and rethinking of corporate governance construct O-SEA power model and take conformity of current corporate governance from the visual angle of power allocation and arrangement, and conciliate the augmentation between "shareholders" and "stakeholders", and expand the research in corporate governance to the two layers of residual creation and residual allocation.Based on the considerations above, the dissertation was divided into eight chapters and these chapters can be divided into four parts. From introduction to chapter three is "weapon to construct animadversion"-to bring forward basic theories. Chapter four is aim to "find target to animadvert"-to put forward dissatisfaction and rethinking of corporate governance. From chapter five to chapter seven is to "put up animadversion based on weapon"-to realize conformity and development of corporate governance theories under the visual angel of power. Chapter eight is case analysis-to summarize and validate main viewpoints of the dissertation.Introduction is an account for the subject and writing way, and makes simple justification for some methodology principles and value judgment involved in the dissertation. Chapter one keeps to the following hypothesis as "different understanding to the essence of corporation would lead to different investigative orientation of corporate governance", and take both the understanding of the essence of corporation and the definition of corporate governance as clews to summarize the basic theories needed in the dissertation. Chapter two bounds the basic concept and category of power, abstract the definition of corporate power and power structure and take analysis to the origin of power from both static and dynamic layer. Chapter three constructs the O-SEA model of corporate power on the basis of the transcension of property from two visual angel of corporate development stage and capital fission. Chapter four is to find out the "object" of "have a definite object in view", bring forward the acquaintanceship of corporate governance and definition to verify standard through the dissatisfaction and rethinking of corporate governance. Chapter five is to analyze corporate governance by using the O-SEA power model, come out the function, status and governance emphasis of different power type in corporation from the angle of theory. Thereinto, O-type power decide the efficiency engagement relationship between capital and labor; S-type power need inspiring and protection; E-type power would snatch part of corporate residual; and to allocate properly the A-type power would achieve the inspiring of special investment and the protection of core resources. The whole O-SEA power model should be versatile according to different development stages and different types of corporate. Chapter six is a concrete application of theory; analyze corporate dynamic characteristics from the visual angle of environment, scale and boundary in order to construct corporate mechanism based on O-SEA power model; demonstrate that power boundary is the boundary of corporate governance; O-SEA power model can be changed into one another. Chapter seven does an case study, the first part choose some famous corporations which have some experience and lesson in certain power aspect of O-SEA power model and validate peculiarity and function in corporate governance of each kind of power. The second part takes an analysis and accounts for the whole O-SEA power dynamic change on the basis of a corporate and makes a conclusion, verification and retrospect on the whole content of the dissertation. Chapter eight is the conclusion and research prospect.To sum up, the dissertation actualizes "innovation and conformity". To bring forward the O-SEA power model and the corporate governance based on O-SEA model is the two pieces of innovation in the research of corporate power theory and corporate governance theory. And the conformity is to realize the similarities of different viewpoints and different genres from the layer of corporate residual creation and allocation. The whole dissertation intends to push forward the research from a new angle, which is hard work. The O-SEA power model framework is simple and the thoughts is juvenile now; later we would take more detailed corporate mechanism based on power model and take some measure and quantitative research method on power.更多还原