基于经济伦理视角的我国上市公司过度融资问题研究

上市公司过度融资现象在我国普遍存在,基于经济伦理的视角,上市公司过度融资的危害体现在以下方面：控股股东在义利观方面的倒置导致公司经营业绩下降;上市公司义利关系的扭曲恶化了公司治理机制;义利观模糊状态下政府监管不到位严重阻碍经济社会的健康发展。上市公司过度融资产生的根本原因是不健全的股权结构安排,上市公司伦理责任的缺失和政府经济伦理意识的不健全分别是其产生的内外原因。只有有效增强公司股东和政府部门经济伦理意识,并不断健全以职业经理人市场及相应监管制度为代表的制度安排,才能克服企业过度融资现象,实现宏观与微观经济的良性互动。

The Economic Ethics Research of Listed Company＇s Over-financing Issue

There are lots of Chinese listed company’s over-financing issues,which take a important value under the view of economic ethics.We can analysis the listed company’s over-financing issue from the view of duty and benefit： stockholder disorder the duty and benefit view,which will let company’s benefit down;the listed company disorder the duty and benefit view,which will make company’s administration worse;governmental department’s losing of supervision under the confusion of duty and benefit view will have negative effects in social and economic development.The worse stock structure is the basic reason of the listed company’s over-financing,the inside and outside reasons are the listed company’s losing of ethics duty and the disorder of governmental economic ethics’ view.Only improve stockholders’ and governments’ economic ethics,and build up regulation which takes career manager market and supervising system as representative,can really change situation of over-financing,and make macro economy and micro economy’s interaction come true.