中国公司治理现实困境解读:一个逻辑分析框架  

How to Understand the Dilemma of Corporate Governance in China:A Logical Analysis Framework

作　　者：郑志刚[1] 

机构地区：[1]中国人民大学财政金融学院,北京100872

出　　处：《证券市场导报》2018年第1期4-12,共9页Securities Market Herald

摘　　要：如何逻辑一致地解读2015年以来发生在我国资本市场上的种种公司治理"乱象"和"怪象"?在提出既相互独立又相互交叉的三条逻辑主线的基础上,本文试图构建理解中国公司治理现实困境的一个统一逻辑分析框架。我们看到,一方面是我国资本市场进入股权分散时代,"野蛮人频繁撞门"和隐身在各种金字塔控股结构之后的金融大鳄的"兴风作浪";另一方面,则是中国式内部人控制问题的存在。当野蛮人遭遇"中国式"内部人,中国公司治理的现实困境出现了。我国需要从监管和公司治理政策两方面积极应对,如推行双层股权结构,制定税收政策减少金字塔控股结构的层数,解决内部人控制人问题等。How to logicaIly and consistently interpret the various ＂chaos＂ and ＂weird elephants＂ that have taken place in our country＇s capital markets since 20157 Based on three logical main lines, this paper attempts to build a unified logical framework for understanding the real predicament of Chinese corporate governance. We can see that on the one hand, Chinese capital market entered the era of equity decentralizations, the ＂rampant savage frequent burglary＂ and the financial tycoons invisible after various pyramid holding structures; and on the other hand, is the existence of the Chinese-style insider control problem. When barbarians encounter ＂Chinese-style＂ insider controller, the real predicament of Chinese corporate governance emerges. China needs to actively cope with current problems through improving administrative regulation and corporate governance, which includes measures such as introducing the dual stock ownership, reducing pyramid stock ownership by tax reform, and to resolve internal- control problem.

关 键 词：公司治理 分散股权 野蛮人入侵 金字塔控股结构 “中国式”内部人控制 

分 类 号：F276.6[经济管理—企业管理]