股权结构差异的政治分析--兼评政治环境对我国上市公司股权结构的影响.pdfVIP

要 股权结构是公司治理结构的基础，对公司治理结构产生重要影响。因此对形 成股权结构差异的根源分析有助于把握公司治理演进的脉搏，洞悉公司内涵和治 理规律。 对股权结构差异形成原因，本文从政治角度进行了分析。在日本，德国等政 治左翼国家中，社会整体利益高于股东利 ，股东和管理者目标不一致加大了代 理成本，且控制代理成本的工具在社会民主国家中难以得到运用，股权集中作为 减少代理成本的一种替代方式成为政治左翼国家的普遍选择。而美国具有根深蒂 固的反政府主义，人们对权力集中有种持久的不信任感，股权分散的公众公司受 到欢迎。股东利 最大化准则被广泛接受，加上其它控制代理成本机制的运用， 使得代理成本控制在一定范围内，股权分散的公众公司成为美国公司的普遍形式。 在改革之前，我国经济体制是建立在强制和中央集权分配资源基础上的计划 经济体制。对集体主义的追求在很大程度上决定了我国上市公司国有股 “一股独 大”的股权结构。我国从1979 年开始改革传统的计划经济体制，但政治体制改革 仍然相对滞后，使现代公司治理机制得以发挥作用的制度和环境条件的建立和形 成十分艰难。 关键词： 股权结构 政治 代理成本 1 Abstract Ownership structure is the basis of the corporate governance, which plays an important role in the formation of the corporate governance. Therefore the root analysis on the formation of the differences of the ownership structure is conducive to control the process of the company governance evolution, and to learn the connotation and the governance rules of the company. This article analyzes the reason to form the differences of the ownership structure from the angle of politics. In the left-wing countries such as Japan and Germany, social integral interests outweigh the stockholders ’ interests, the disagreement of goals between stockholders and the administrators increases the agent cost, the tools controlling the agent cost cannot been utilized in the social democratic states, so as one of the substitute means to reduce the agent cost, ownership concentration has become the universal choice in the left-wing countries. The ground-rooted anti-government ideology in the United States and the sense of lasting distrust of power concentration among people make the dispersed ownership companies popular. The extensive acceptance of the criterion of the maximization of the stockholders ’interests, and the app