论构建有效的大股东治理机制  

The Review on Establishing the Effective Governance Mechanism of Large Shareholders

作　　者：刘孟晖[1] 张藂元 

机构地区：[1]郑州大学商学院,河南郑州450001

出　　处：《改革与战略》2016年第3期136-139,共4页Reformation & Strategy

基　　金：国家社科基金项目"基于迎合激励的上市公司异常派现与非效率投资行为研究"(14BGL042);教育部人文社科规划基金项目"基于终极控制权的大股东治理及其现金股利行为研究"(12YJA630074);中国博士后基金面上项目"上市公司股利支付行为与财务弹性选择"(2014M561180)

摘　　要：中国公司股权集中现象比较突出,大股东普遍存在。构建有效的大股东治理机制,是股权集中公司所面临的关键治理问题。文章从大股东治理机制失效的内在根源进行分析,得出了失效的内在根源在于制衡和监督机制的虚置或缺失,公司出现了严重的内部人控制现象,中小股东和相关方利益难以保障。针对这个内在根源,文章从内部治理机制和外部治理机制两个方面入手,提出了构建有效的大股东治理机制的途径。The phenomenon of equity concentration is dominant in Chinese companies, and large shareholders are widespread. In the case, the companies of equity concentration have the agency problem between large shareholders and small and medium-sized shareholders. In order to solve the agency problem, the companies of equity concentration must establish effective governance mechanism of large shareholders, which is key governance problem. The paper analyzes the internal causes of the failure of governance mechanism of large shareholders, and draws a conclusion that the internal causes of failure is invalidity or lack of balance and supervision mechanism. Insiders such as manager and shareholders control the companies in the companies of equity concentration, and expropriate the interests of small and medium- sized shareholders and related party. Aimed to the internal causes, the paper puts forward some plan of establishing effective governance mechanism of large shareholders in terms of internal governance mechanism and external governance mechanism.

关 键 词：大股东 内部治理机制 外部治理机制 

分 类 号：F276[经济管理—企业管理]