强制性治理与自主性治理问题探讨与比较
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外国经济与管理 2008 年 第 30 卷第 06 期, 页码：8 - 14
摘要
参考文献
摘要
公司治理优化大体遵循了强制性治理的合规阶段和自主性治理的创新阶段。探讨强制性治理和自主性治理之间的边界、自主性治理的动力机制及其对公司治理优化的作用机理等问题,将成为今后公司治理理论研究的重要方向。本文首次从强制性治理和自主性治理两个视角出发,对公司治理的相关研究成果进行了全面的回顾和述评,并梳理和归纳了国外最新研究进展,最后总结和论述了这些研究成果对于我国上市公司开展自主性治理的借鉴和启示意义。
①目前,国外文献没有对强制性治理和自主性治理做出明确的定义,只是对有关现象进行了分析。我们根据国外文献的研究内容以及我国公司治理实践的特征,以博弈均衡制度观为理论基础,探索性地界定了强制性治理和自主性治理的概念。相关研究内容,请参见:Ma Lian-fu,Chen De-qiu,and Gao Li.Oversea listing,voluntary governance and corporate performance[J].Frontiers of BusinessResearchin China,2008,(3)。
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[1]Bruno,V,and Claessens,S.Corporate governance and regulation:Can there be too much of a good thing?[R].World Bank PolicyResearch Working Paper,No.4140,2007.
[2]Jensen,Michael,and William Meckling.Theory of the firm:Managerial behavior,agency costs,and ownership structure[J].Journalof Financial Economics,1976,3:305-360.
[3]Stigler,G.Public regulation of the securities market[J].Journal of Business,1964,37:117-142.
[4]La Porta,R,Lopez-de-Silanes,F,Shleifer,A,and Vishny,R.Investor protection and corporate governance[J].Journal of FinancialEconomics,2000,58:3-29.
[5]La Porta,R,F Lopez-de-Silanes,A Shleifer,and Vishny,R.Investor protection and corporate valuation[J].Journal of Finance,2002,57(3):1 147-1 170.
[6]La Porta,R,Lopez-de-Silanes,F,Shleifer,Aand Vishny,R.Lawandfinance[J].Journal of Political Economy,1998,106:1 113-1 155.
[7]Hi mmelberg,Charles P,R Glenn Hubbard,andInessan Love.Investor protection,ownership,andthe cost of capital[R].ColumbiaUniversity Working Paper,2002.
[8]Nenova,T.The value of corporate voting rights and control:Across-country analysis[J].Journal of Financial Economics,2003,68:325-351.
[9]Dyck,A,and L Zingales.Private benefit of control:Aninternational comparison[J].Journal of Finance 2004,59:537-600.
[10]Arturo Bris,and Christos Cabolis.The value of investor protection:Firmevidence fromcross-border mergers[R].SSRN WorkingPaper,2005.
[11]Carvalho,Pennacchi,Silverra,Leal,and Silva,Barros.Can voluntary market reformpromote efficient corporate governance?Evi-dence fromfirms’migration to premium market in Brazil[R].SSRN Working Paper,2005.
[12]Gordon,Roe.Governance and persistence in corporate governance[M].Cambridge,MA:Cambridge University Press,2004.
[13]Klapper,A,and Laeven Love.What drives corporate governance reform?Firm-level evidence fromEastern Europe[R].World BankPolicy Research Working Paper,No.3600,2005.
[14]Anand,A,Milne,F,and L D Purda.Voluntary adoption of corporate governance mechanism[R].SSRN Working Paper,2006.
[15]Kouwenberg,A.Does voluntary corporate governance code adoption increase firmvalue in emerging market?Evidence from Thai-land[R].SSRN Working Paper,2006.
[16]Silverra,Leal,and Silva,Barros.Evolution and determinants of firm-level corporate governance qualityin Brazil[R].SSRN Work-ing Paper,2007.
[17]Chhaochharia,Laeven.Corporate governance norms and practices[R].ECGI-Finance Working Paper,No.165,2007.
[18]McKnight,P J,Milonas,N T,Travlos,N G,and C Weir.The cad bury code reforms and corporate performance[R].SSRN Work-ing Paper,2005.
[19]Easterbrook,Frank,HDaniel,and R Fishchel.The economic structure of corporatelaw[M].Cambridge,MA:Harvard Universti-ty Press,1991.
[20]Koh Laplante Tong.Accountability and value enhancement roles of corporate governance[J].Accounting and Finance,2007,47:305-333.
引用本文
马连福, 陈德球. 强制性治理与自主性治理问题探讨与比较[J]. 外国经济与管理, 2008, 30(6): 8–14.
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