中集公司治理结构对我国上市公司的启示
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摘要
我国国有企业体制改革还处于一个逐渐摸索的阶段。随着改革的逐步深入，建立一套与社会市场机制相适应的现代企业制度也提上日程。国有上市公司改革至少面临着两个难题：一是如何对企业产权安排进行分配；还有一个难题就是如何建立有中国特色的公司治理结构。对于如何建立有中国特色的公司治理结构这个问题，我国学者们一直在探讨之中，本文先从公司治理问题的产生和发展入手，试图寻找其根源所在，在此基础上对与公司自身利益密切相关的公司治理各个方面进行深入分析。
对于一个企业来说，它必须生存和发展。要想实现生存和发展的目标，企业就必须创造足够的价值，公司就必须拥有一定的绩效。公司治理结构、企业内部资源、企业家才能以及产品(服务)被认为是现代企业制度下最基本的四大因素。而公司治理的好坏，将严重影响着公司绩效的好坏，本文便是根据影响公司绩效的一些公司治理方面的主要因素来分析和研究我国上市公司治理结构的现状。
从国外对与公司治理的理论研究来看，公司治理与公司绩效的相关性历来是人们关注的重点。从公司治理的各个方面来看，股权结构、董事会、监事会、激励机制以及外部监控机制与上市公司绩效都存在着很强的相关性。国外对于这方面的研究相对较多，本文主要分析了我国上市公司绩效与公司治理各方面的相关性。
在对这些要素与公司绩效之间的相关性研究之后，本文选取了中集集团作为案例，对于它的公司治理结构进行一定程度的剖析，在此基础之上来分析我国上市公司的具体情况，对建设有中国特色的公司治理给出建议。
总之，世界上没有一个通用的公司治理结构模式，我们必须在改革的过程中不断完善和发展，寻求属于我们企业的公司治理结构。
Chinese reform on the State-Owned Enterprises (SOEs) is an incremental and constantly exploring process. With deepening of reform, it is up to agenda to establish the modern enterprise institution tallying with the socialist market economic system. Beginning stock system reform in the enterprises is faced up with two problems at least. One is how to define arrangements of property rights for the enterprises. The other is how to configure the pattern of structure of governance with Chinese characteristics. The scholars in our country are still researching for establishing the pattern of structure of governance with Chinese characteristics. This thesis starts with the producing and development of corporate governance, in order to look for the origin of the problem. Based on it, some aspects related with the profits of enterprises are analyzed deep here.
Every firm must survive and grow on. So they must create enough value, they must have certain performance. Corporate governance, resources, entrepreneur, and products(services) are regarded as the four basic factors under the modern enterprise institution. That the corporate governance stands or falls, influence the corporate performance seriously. The actuality of corporate governance of Chinese listed company is studied in the paper, on the basis of the major factors of corporate governance that influence the corporate performance.
From the theoretical research on corporate governance abroad, The relativity between governance and performance has been the key point concerned with. The structure of stocks, directorate, supervisory board, incentive mechanism and outside monitor system have strong relativities with corporate performance. The relativities in Chinese listed company are mostly studied in this paper.
After the research on the relativities, the corporate governance structure of CIMC(China International Marine Containers (Group) Ltd.) is acted as an example. Based on the analysis of the corporate governance of CIMC, the particular circumstance of corporate governance in China is studied here.
Then some proposals are given for configuring the pattern of structure of governance with Chinese characteristics.
In sum, there isn't a general pattern of structure of governance in the world. We must develop it gradually during the reform to search for the suitable governance with Chinese characteristics.
Xu Can(Business Management) Directed by Professor Song Bingliang
对于一个企业来说，它必须生存和发展。要想实现生存和发展的目标，企业就必须创造足够的价值，公司就必须拥有一定的绩效。公司治理结构、企业内部资源、企业家才能以及产品(服务)被认为是现代企业制度下最基本的四大因素。而公司治理的好坏，将严重影响着公司绩效的好坏，本文便是根据影响公司绩效的一些公司治理方面的主要因素来分析和研究我国上市公司治理结构的现状。
从国外对与公司治理的理论研究来看，公司治理与公司绩效的相关性历来是人们关注的重点。从公司治理的各个方面来看，股权结构、董事会、监事会、激励机制以及外部监控机制与上市公司绩效都存在着很强的相关性。国外对于这方面的研究相对较多，本文主要分析了我国上市公司绩效与公司治理各方面的相关性。
在对这些要素与公司绩效之间的相关性研究之后，本文选取了中集集团作为案例，对于它的公司治理结构进行一定程度的剖析，在此基础之上来分析我国上市公司的具体情况，对建设有中国特色的公司治理给出建议。
总之，世界上没有一个通用的公司治理结构模式，我们必须在改革的过程中不断完善和发展，寻求属于我们企业的公司治理结构。
Chinese reform on the State-Owned Enterprises (SOEs) is an incremental and constantly exploring process. With deepening of reform, it is up to agenda to establish the modern enterprise institution tallying with the socialist market economic system. Beginning stock system reform in the enterprises is faced up with two problems at least. One is how to define arrangements of property rights for the enterprises. The other is how to configure the pattern of structure of governance with Chinese characteristics. The scholars in our country are still researching for establishing the pattern of structure of governance with Chinese characteristics. This thesis starts with the producing and development of corporate governance, in order to look for the origin of the problem. Based on it, some aspects related with the profits of enterprises are analyzed deep here.
Every firm must survive and grow on. So they must create enough value, they must have certain performance. Corporate governance, resources, entrepreneur, and products(services) are regarded as the four basic factors under the modern enterprise institution. That the corporate governance stands or falls, influence the corporate performance seriously. The actuality of corporate governance of Chinese listed company is studied in the paper, on the basis of the major factors of corporate governance that influence the corporate performance.
From the theoretical research on corporate governance abroad, The relativity between governance and performance has been the key point concerned with. The structure of stocks, directorate, supervisory board, incentive mechanism and outside monitor system have strong relativities with corporate performance. The relativities in Chinese listed company are mostly studied in this paper.
After the research on the relativities, the corporate governance structure of CIMC(China International Marine Containers (Group) Ltd.) is acted as an example. Based on the analysis of the corporate governance of CIMC, the particular circumstance of corporate governance in China is studied here.
Then some proposals are given for configuring the pattern of structure of governance with Chinese characteristics.
In sum, there isn't a general pattern of structure of governance in the world. We must develop it gradually during the reform to search for the suitable governance with Chinese characteristics.
Xu Can(Business Management) Directed by Professor Song Bingliang
引文
1．杨瑞龙．国营企业治理结构创新的经济学分析．中国人民大学出版社，2001年
2．李维安．公司治理理论与实务前沿．中国财政经济出版社，2003年3月
3．沃尔特．J．萨蒙等。公司治理。中国人民大学出版社，哈佛商学院出版社，2001年10月
4．宁向东．国有资产管理与公司治理．企业管理出版社，2003年3月
5．胡汝银等．中国上市公司治理面临的问题与对策．见：郭峰等主编．公司法修改纵横谈．法律出版社，2000年
6．史忠健．国营企业治理结构．北京大学出版社，2002年
7．杨蓉．股份公司治理模式研究．立信会计出版社，2003年9月
8．李维安，武立东．公司治理结构教程．上海人民出版社，2002年
9．孙永祥，黄祖辉．上市公司的股权结构与绩效．经济研究．1999年第2期
10．李维安．现代公司治理研究．中国人民大学出版社，2002年
11．青木昌彦，钱颖一．转轨经济中的公司治理结构．中国经济出版社，1995年
12．梁能．公司治理结构：中国的实践与美国的经验．中国人民大学出版社，2000年
13．费方域．企业的产权分析．上海三联书店，上海人民出版社，1998年
14．张维迎．企业理论与中国企业改革．北京大学出版社，1999年
15．梅慎实．现代公司治理结构规范运作论．中国法制出版社，2002年
16．奥村宏．股份制向何处去——法人资本主义的命运．中国计划出版社，1996年
17．马连福．公司治理模式趋同化初探．南开经济研究．2000年第2期
18．施东辉．全球一体化种的公司治理结构创新．上市公司．1998年第11期
19．魏刚．高级管理层激励与上市公司经营绩效．经济研究．2000年第3期
20．Y．巴泽尔著．费方域，段毅才译．产权的经济分析．上海人民出版社．1997年
21. J. Fred Weston. Mergers. Restructuring and Corporate control. Published by McGraw-Hill Companies, Inc.,1998
22. Williamson, O. E..The Mechanisms of Governance. Oxford University Press, Inc.,1996
23. Hart, Oliver. Corporate Governance:Some Theory and Implications. the Journal of Royal Economics Society vol.105,1995
24. Fama, E.F. and Jensen, M.C..Separation of Ownership and contro. The Journal of Law and Economics. Vol.26, June, 1983
25. Kaplan, Steven and Weisbach, M.S..The Success of Acquisitions:Evidence from divestitures. Journal of Finance. March, 1992
26. A. Rashad Abdel-khalik. Reforming corporate governance post Enron: Shareholders' Board of Trustees and the auditor, Journal of Accounting and Public Policy. Vol. 21,2002
27. Berle and Means. The Modern Corporation and Private Property. Macmillan. New York. 1980
28. Jensen and Meckling. Theory of the Firm: Managerial Behavior, Agency costs and Ownership Structure. Journal of Financial Economics. Vol. 3,1976
29. Shleifer. A. Yishny.R.W..Large shareholders and corporate control. Journal of Political Economy. Vol. 94,1996
30. Coombs. R.. Core competencies and the strategic Management of R&D. R&D Management. Vol. 26,1996
2．李维安．公司治理理论与实务前沿．中国财政经济出版社，2003年3月
3．沃尔特．J．萨蒙等。公司治理。中国人民大学出版社，哈佛商学院出版社，2001年10月
4．宁向东．国有资产管理与公司治理．企业管理出版社，2003年3月
5．胡汝银等．中国上市公司治理面临的问题与对策．见：郭峰等主编．公司法修改纵横谈．法律出版社，2000年
6．史忠健．国营企业治理结构．北京大学出版社，2002年
7．杨蓉．股份公司治理模式研究．立信会计出版社，2003年9月
8．李维安，武立东．公司治理结构教程．上海人民出版社，2002年
9．孙永祥，黄祖辉．上市公司的股权结构与绩效．经济研究．1999年第2期
10．李维安．现代公司治理研究．中国人民大学出版社，2002年
11．青木昌彦，钱颖一．转轨经济中的公司治理结构．中国经济出版社，1995年
12．梁能．公司治理结构：中国的实践与美国的经验．中国人民大学出版社，2000年
13．费方域．企业的产权分析．上海三联书店，上海人民出版社，1998年
14．张维迎．企业理论与中国企业改革．北京大学出版社，1999年
15．梅慎实．现代公司治理结构规范运作论．中国法制出版社，2002年
16．奥村宏．股份制向何处去——法人资本主义的命运．中国计划出版社，1996年
17．马连福．公司治理模式趋同化初探．南开经济研究．2000年第2期
18．施东辉．全球一体化种的公司治理结构创新．上市公司．1998年第11期
19．魏刚．高级管理层激励与上市公司经营绩效．经济研究．2000年第3期
20．Y．巴泽尔著．费方域，段毅才译．产权的经济分析．上海人民出版社．1997年
21. J. Fred Weston. Mergers. Restructuring and Corporate control. Published by McGraw-Hill Companies, Inc.,1998
22. Williamson, O. E..The Mechanisms of Governance. Oxford University Press, Inc.,1996
23. Hart, Oliver. Corporate Governance:Some Theory and Implications. the Journal of Royal Economics Society vol.105,1995
24. Fama, E.F. and Jensen, M.C..Separation of Ownership and contro. The Journal of Law and Economics. Vol.26, June, 1983
25. Kaplan, Steven and Weisbach, M.S..The Success of Acquisitions:Evidence from divestitures. Journal of Finance. March, 1992
26. A. Rashad Abdel-khalik. Reforming corporate governance post Enron: Shareholders' Board of Trustees and the auditor, Journal of Accounting and Public Policy. Vol. 21,2002
27. Berle and Means. The Modern Corporation and Private Property. Macmillan. New York. 1980
28. Jensen and Meckling. Theory of the Firm: Managerial Behavior, Agency costs and Ownership Structure. Journal of Financial Economics. Vol. 3,1976
29. Shleifer. A. Yishny.R.W..Large shareholders and corporate control. Journal of Political Economy. Vol. 94,1996
30. Coombs. R.. Core competencies and the strategic Management of R&D. R&D Management. Vol. 26,1996
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