商业伦理与民营上市公司第二类代理问题:公司治理的伦理维度

控股股东对中小股东利益的掠夺和侵害构成了资本市场第二类代理问题。在当前制度和市场环境下,我国民营上市公司的第二类代理问题比较严重。本文认为,现有公司治理机制的三个维度:市场、法律和组织机制不足以提供第二类代理问题的解决方案,商业伦理治理已经成为公司治理机制不可或缺的维度,理论和案例均证明,商业伦理对民营上市公司治理的效果产生显著的影响。并提出进行商业伦理治理的构建思路。

Business Ethic and the Second Agency Problem in Listed Private-Controlled Companies: Corporate Governance in Ethic Dimension

Controlling shareholders' exploitation and infringement upon small shareholders aroused the second agency problem in the capital market.Under the current institutional and market condition,the second agency problem is very serious in Chinese listed private-controlled companies.This paper argues that the existing three dimensions for corporate governance:market,legality and organization mechanism are not enough to solve such problem and the business ethic has become the necessary dimension for corporate governance.Both theory and practices prove that the business ethic takes obvious effect on the listed private-controlled companies' governance.At the end of the paper,the construction ways of business ethic governance are brought up.