对公司治理内涵的重新认识  

Rethinking the Implication of Corporate Governance

作　　者：郑志刚[1,2] 

机构地区：[1]中国人民大学财政金融学院 [2]中国财政金融政策研究中心,北京100872

出　　处：《金融研究》2010年第8期184-198,共15页Journal of Financial Research

基　　金：教育部人文社会科学重点研究基地重大研究项目(项目批准号:08JJD790123);中国人民大学科研项目(项目批准号10XNB004)对本项研究的资助

摘　　要：现有文献对公司治理内涵的认识存在分歧并由此引发了一系列理论和实践的争论。本文在回顾现代企业理论对企业的基本认识和公司治理面临的主要任务的基础上重新探讨了公司治理的内涵。我们认为,与现代企业理论关于现代公司同时面临合约不完全和信息不对称问题的认识相一致,对于现代公司利益冲突两方的投资者和经营者,公司治理一方面需要通过产权安排向投资者提供投资的激励,以解决合约不完全的问题;另一方面则需要通过治理机制的设计和实施向经营者提供努力工作的激励,以解决信息不对称问题。公司治理因此可以区分为治理结构(产权安排)和治理机制(各种公司治理机制的设计与实施)两个层次。两个层次的划分和逻辑关系的合理构建完整体现了Coase提出的治理作为"权威的分配和实施"的原意。There is divergence on the implication of corporate governance in existing literatures and it leads to a series of theoretical and empirical disputes. This paper rethinks the implication of corporate governance based on reviewing the modem firm theory and the primary tasks of the corporate governance. The author suggests that corporate governance should include both governance structure and governance mechanisms. The former represents arrangement of the property rights, while the latter indicates design and enforcement of corporate governance mechanisms. It is consistent with the argument of the finn theory that modern corporations in face of in- complete contract and asymmetric information need to provide the incentive to investors by arranging the proper- ty rights on the one hand, and the incentives to the management for hard work by designing the incentive contracts on the other hand. The combination of governance structure and mechanisms embodies the original idea by Coase that governance is the arrangement and enforcement of the authority.

关 键 词：企业理论 公司治理 治理结构 治理机制 

分 类 号：F276.6[经济管理—企业管理]