中央和地方关系中的上市公司治理

中国上市公司治理中的核心问题为大股东侵占上市公司利益。但与其他国家不同,中国的大股东侵占具有特殊性:中国上市公司多从原国有企业改制而来,其控股股东往往是代表国家行使所有权的各级政府。在政府多元利益追求和各级政府的博弈之下,作为大股东的政府,特别是地方政府,侵占上市公司的利益以利本地经济发展。因此,解决上市公司大股东侵占问题也就不仅仅是法律问题,而是如何协调中央和地方政府关系的宪政问题,其中关键在于建立同时独立于中央和地方政府的司法系统。

Corporate Governance in Listed Companies:The Relationship between Central and Local Governments

The big problem in corporate governance of listed companies in China is majority shareholder's tunneling.Since the most majority shareholders in China are governments,the problem is different from other countries.It is not only the legal problem,it is also a constitution issue in China,concerned the relationship between central government and local governments.Company Law can't deal with the problem.We must set up independence judicial system to arbitrate the debates between central and local governments..