资本结构、金融中介和公司治理

公司治理作为当前国有企业改革的重要措施之一,受到了人们广泛的关注。而金融中介机构的发展与成熟程度直接影响着公司的资本结构和治理结构,进而影响着公司的竞争能力。本文借鉴西方财务理论和日美公司治理方面的经验与教训对金融中介机构是否应积极参与公司治理进行了较深入的探讨,提出其积极参与公司治理的理性决策模型,同时也回答了如何来完善我国上市公司的公司治理结构的问题:重构现代金融体系,激励国有商业银行,大力发展资本市场、培育机构投资者以及修改与制定相关的法律制度,促使其积极参与公司治理。

Capital Structure, Financial Intermediation and Corporate Governance

As one of the significant measures of state-owned enterprisesreform, corporate governance is being paid close attention to. Thedevelopment and maturity of financial intermediations directly influencethe capital structure, corporate governance and further the competitivepower of enterprises. In the light of the study on financial intermediationsand capital structure in the western financial theories and Japanese andAmerican companies experience and lessons on corporate governance,This article attempts to analyses whether financial intermediations takeactively part in corporate governance ,Then it offers their rational decisionmodels and answer how to improve corporate governance in our country:the modern financial system must be reestablished, state-owned banksmust be inspired,capital market be developed rapidly, and institutionalinvestors be fostered ,some relative laws should be modified and dawnup, to take an active part in the corporate governance .