大股东掠夺行为与国有上市公司治理

与伯利和米恩斯所强调的上市公司面临所有权与经营权分离不同,现代企业的股权相当集中,普遍存在着掌握公司控制权的大股东,由此产生了大股东对中小股东的掠夺行为。这一问题在国有上市公司中普遍存在且相当严重。由于它不同于传统的委托-代理问题,既有的公司治理机制无法有效解决这一问题,因此有必要对其进行完善和补充。

The Expropriation of Large Shareholders and State-owned Corporate Governance

In contrast to what Berle and Means said about the listed corporation confronted with the separation of the ownership and control rights,the modern enterprise has a concentrated equity ownership structure and the large shareholders with the control rights.So there exists the expropriation of large shareholders from other shareholders,which is common and serious in the state-owned listed corporations.Because it's different from the traditional principle-agent,the existing mechanisms of corporate governance can't resolve it effectively.Therefore,it is necessary to improve and reinforce the existing mechanisms.