内在道德、代理成本与公司治理  

Intrinsic Morality,Agency Cost and Corporate Governance

作　　者：祝娟 陈冬华[2] Juan Zhu;Donghua Chen(Business School of Nanjing Normal University,Nanjing Jiangsu 210023,China;Business School of Nanjing University,Nanjing Jiangsu 210093,China)

机构地区：[1]南京师范大学商学院,江苏南京210023 [2]南京大学商学院,江苏南京210093

出　　处：《会计与经济研究》2024年第2期3-30,共28页Accounting and Economics Research

基　　金：国家社会科学基金重大项目(23&ZD060);国家自然科学基金面上项目(72272076);国家自然科学基金重点项目(72132004);教育部“长江学者和创新团队发展计划”项目(IRT_17R52)。

摘　　要：西方对公司治理的理解长期停留在制度主义层面,研究也相应地囿于机制设计与机制创新的范畴,但其制度改进的边际收益已明显不尽如人意,而西方主流学界并未反思和转变思路。有鉴于此,文章试图恢复真实世界中的交易场景,立足中国的历史文化传统,澄廓当下公司治理研究之上的西方自由主义笼罩,从中华传统文化之“善”的范畴,致力公司治理新知识的创造和理论新体系的构建。文章将经理人内在道德纳入公司治理分析框架,探讨其对经理人行为的激励约束作用以及对监督机制的影响,为经理人内在道德在公司治理中的作用提供理论解读。研究发现,经理人内在道德与代理成本负相关;经理人内在道德达到一定水平后,代理成本消失,代理收益产生。文章阐释了中华文化中“德主刑辅、礼法合治”内外并举式中国之治的部分学理,有助于理解中华文明基础上的公司治理理路,阐释其背后新文明形态的文化源流及其与中国历史上的经济繁荣之间的关系。The western understanding of corporate governance has long been confined to institutionalism,with research similarly limited to the scope of mechanism design and innovation.However,the marginal returns from institutional improvements have become increasingly unsatisfactory,and mainstream western academia has not reflected on or shifted its approach.In light of this,the article attempts to restore the real-world transaction scenarios,rooted in China's historical and cultural traditions,and to clear the western liberalism that pervades current corporate governance research,aiming to create new knowledge in corporate governance from the perspective of the concept of goodness in traditional Chinese culture and to initiate the construction of a new theoretical framework.The article incorporates the intrinsic morality of managers into the corporate governance analysis framework,explores its role in incentivizing and restraining managerial behavior and its impact on supervisory mechanisms,and provides a theoretical interpretation of the role of intrinsic morality in corporate governance.The results show that there is a negative correlation between managers'intrinsic morality and agency costs;when the level of intrinsic morality reaches a certain threshold,agency costs disappear and agency benefits arise.The article explains certain academic principles of Chinese governance,such as the dual approach of“virtue as the mainstay,punishment as the auxiliary,and the integration of rites and laws”,which helps in understanding the pathways of corporate governance based on Chinese civilization and in explaining the cultural origins of this new form of civilization and its relationship with economic prosperity in Chinese history.

关 键 词：公司治理 内在道德 代理成本 代理收益 监督机制 

分 类 号：F271.5[经济管理—企业管理] B82[经济管理—国民经济]