转轨过程中我国公司治理模式的建立

本文首先指出企业是一个契约的结合体 ,这种契约是不完备的。因此 ,所有权是重要的 ,在公司治理中明晰的所有权是前提。随后 ,分析了美国公司规模大、股权分散 ,其公司治理结构主要靠外部治理来完成 ;相应地 ,德国由于公司资本主要来源于金融公司和创业家族等 ,股权集中度高 ,其公司治理主要由内部治理来完成。最后 ,作者提出了转轨时期我国公司治理走分类治理、共同治理、内外治理相结合的多元化的道路。

The Establishment of Corporate Governance Models in China during the Transition

This essay proposes that an enterprise is an incomplete contractual relationship. Since clear property right is the premise of corporate governance; property right is important. Then the author analyses the corporate governance in the United States that is completed mainly through external governance for large-sized corporations as the equity interest is dispersed. Comparatively, corporate governance in Germany is mainly completed through internal governance, with highly concentrated capital from financing companies and foundation families. Finally, the author suggests that in China during transition, corporate governance may follow the multiple way of individual governance, co-operate governance and the combination of the external and internal governance.