公司治理与企业内生风险

本文在整理有关公司治理文献的基础上,指出公司治理与企业内生风险的关系;对企业委托人层面上的权力重构做出合理的静态分析,认为委托代理关系的融合是降低企业内生风险的关键;研究还表明,若干时期内,委托代理关系不可能调整到均衡状态。因此,委托人必须预设一个相对弹性的空间,使得内在风险与外在风险可调和,在“共同治理”模式下,当委托人与代理人拥有的信息随着时间推移互为“内外双层气泡”时,企业内生风险可以降低。

Corporate Governance and Endogenous Risk

On the basis of combing some documents on corporate governance, this paper points out the relationship between corporate governance and endogenous risk of corporations. The writer makes a reasonable and static analysis on the reconstruction of the authority on the level of corporation clients, and emphasizes that the harmonious relationship between clients and agents is critical to reduce the endogenous risks of the corporations. Studies have also shown that within some time periods, agency relationship can not be adjusted to a balanced state. Therefore, the clients must make a relatively flexible space in advance to reconcile external risks and inherent risks. Following the "common governance" pattern, the endogenous risks could be reduced at the time of sharing information between the clients and the agents and getting into the state of "external double bubble", which is the conclusion of the paper.