公司治理理论:反思与启示

企业内各要素专有性的大小是其参与公司治理的基础,也是分享剩余索取权的依据。公司治理机制并不是由所谓的“股东至上”发展到利益相关者,从“股东至上”到利益相关者之间没有什么逻辑关系。公司治理的模式也不存在从单边治理向多边治理的转换过程。公司治理的关键是寻找长期利益共同体以及使关键性要素进入长期利益共同体。人力资本是企业价值创造的决定性力量,但只有在物质资本有效监督和充分激励的前提下,这种决定性作用才由可能变为现实。我国国有企业由于不存在长期利益共同体,关键性要素也不在长期利益共同体内,或者说,没有资本监督和激励劳动,这是公司治理低效的原因所在。国有企业目前进行的激励制度改革,虽然在一定程度上可以改善公司治理的低效率,但不可能解决公司治理的根本问题。

The Theory of Corporate Governance: Reconsider and Revelation

The exclusive of each factor in a enterprise is the basis to take part in corporate governance ,also the foundation to share claim to residual . The corporate governance system doesn't exist any way from "shareholder uppermost " to interest correlation ,between which has no any logic relation . Also the model of corporate governance doesn't exist any way from the single governance to multiply one. The key of corporate governance is to find out long-term interest community .Human capital is the crucial factor in creating enterprise value ,but only in the condition that is effectively supervised and fully inspirited by the material. because there isn't no long-term interest community ,and the sky factors isn't in the long-term interest community ,or no capital monitor labor in the state- enterprise ,it causes low efficiency in the corporate governance . Although the inspirit system reform for our state- enterprise can improve the corporate governance in same content ,it doesn't resolve the corporate governance's ultimate problem .