基于价值的公司治理--股东价值与利益相关者价值的比较

公司治理是一个多角度、多层次的概念,从公司创造价值和价值实现角度看,基于价值的公司治理是公司治理的核心.本文研究了当前居于主流地位的基于股东价值的公司治理和基于利益相关者价值的公司治理两种模式,笔者认为两种治理模式都有其理论上的支撑和实践上的依据,二者的分歧多源于对基本理念、概念和范畴理解上的差异.针对我国当前国企改革的实践,我国公司治理如果完全采用基于股东价值的公司治理模式,需要与之配套的成熟公司控制权市场、经理人市场以及比较健全的法制环境,即相对完善的公司外部治理机制.在我国目前外部治理机制不成熟情况下,国有公司治理应借鉴基于利益相关者价值的治理模式,在公司治理中发挥利益相关者共同治理和相机治理的作用.

Value-Based Corporate Governance--the Comparison between the Value of Shareholders and the Value of stakeholders

Corporate governance is a concept of different angles and levels.Seen from the angles of value creating and realizing,the core of value-based corporate governance is financial governance.This paper researches the two main corporate governance models based on the value of shareholders and the value of stakeholders.The authors think the two kinds of models are based on the theory and practice,and the divergence origins from the difference of basic ideas,concepts and category.Aiming at the practice of our state-owned enterprises reform,we need the mature market for corporate control,managers and right legal system if corporate governance model of based on the value of shareholders is entirely adopted in China.Because the exterior corporate governance mechanism in China is not well,the governance model based on the value of stakeholders should be considered properly in the forming of corporate governance.The function of the stakeholders' co-governance and contingent governance should be exerted fully.