股权结构与公司治理的基本命题：重读两种模式的理论逻辑

不同的公司股权结构决定了一国不同的公司治理命题。在美英国家公司治理问题是管理者与股东利益的冲突问题,公司治理改善的讨论和政策措施也在于公司经理的责任和说明义务。美英之外的世界上的大型公司都具有集中股权结构的特征,它们的首要治理问题是限制控制股东对少数股东的盘剥。美英公司治理的理论与改革措施与集中股权结构下公司治理问题的解决不具有很大的相关性。我国的公司治理法律改革应该在比较公司治理的趋势中把握未来的方向,尤其是引入美英公司的治理措施时,应该采取审慎的态度。

Shareholding Structure and Corporate Governance: Rethinking of the Theoretical Logic of the Two Corporate Governance Models

The issues of corporate governance of one particular country are determined by different shareholding structure. Whereas the shareholding structure of Anglo-saxson corporations is dispersed, their corporate governance issues are characterized by the conflict between the management and shareholders, and the policy measures to improve corporate governance lies in the accountability of the management. However, large corporations in the other side of the world are characterized by centralized shareholding structure and the predominate corporate governance issue thereof is exploitation of minority shareholders by controlling shareholders. Therefore the relevance of Anglo-saxon measures to improve corporate governance is limited in solving the corporate problems in centralized shareholding corporations. The Chinese corporate law reform should take into consideration the observations of comparative corporate governance and be very cautious in introducing Anglo-saxon models.