上市公司经营者合谋生成机理与制衡机制研究.doc

河北工业大学硕士论文 上市公司经营者合谋生成机理与制衡机制研究 摘 要 随着社会主义市场经济的快速发展和经济体制改革不断深入，证券市场在国民经济中 的作用日益凸显。在研究如何充分借助股票市场发展经济的同时，股市的缺陷，特别是上 市公司经营者合谋侵害中小股东利益的行为也逐渐引起人们的高度关注。从上世纪 90 年 代初开始，我国许多上市公司受到丑闻影响：深圳原野、东方锅炉、琼民源到近期的格林 柯尔、秦丰农业等一系列会计舞弊案频频爆发，这些公司被指控利用会计欺诈手段夸大公 司的报表利润、哄抬股价等等违法违规行为。在这一系列丑闻、欺诈的背后，都隐藏着合 谋这个幽灵。 本文在总结中外学者关于合谋理论成果的基础上，对上市公司经营者合谋生成机理和 制衡机制进行了研究。论文以美、德、日三国公司治理的特点及出现的上市公司经营者合 谋行为作为行文的起点，发现各国公司治理的差异导致合谋的差异；并以 2006 至 2008 年 间受到中国证券监督管理委员会处罚的上市公司为样本，研究了上市公司经营者合谋的主 要参与者和主要手段。接着以博弈论为主要工具，建立了上市公司经营者与大股东、上市 公司经营者与注册会计师、以及三者的同盟合谋三个主要模型，定量的分析了上市公司经 营者合谋的生成机理。最后，综合我国上市公司治理缺陷和模型分析结果的基础上，提出 了上市公司经营者合谋制衡机制。 关键词：经营者合谋，公司治理，生成机理，制衡机制 i 上市公司经营者合谋生成机理与制衡机制研究 RESERCH ON FORMATION PRINCIPIUM AND BALANCE MECHANISM OF MANAGERS COLLUSION IN PUBLIC COMPANIES ABSTRACT With the rapid development of the socialist market economy and the deepening of economic reform, the securities markets role in the national economy is increasingly obvious. In studying how best to develop the economy through the stock markets, at the same time, the stock markets shortcomings, in particular, is a listed company who conspire against the interests of the small shareholders, have gradually attracted peoples attention. From the early 90s of last century, many of our listed companies affected by the scandal: Shenzhen fields, Dongfang Boiler, Joan China source to the recent Greencool, Qin Feng agriculture, frequent outbreaks of a series of accounting fraud, these companies have been accused of using accounting fraudulently inflated the companys statements of profits, driving up stock prices, and so illegal breaches. In this series of scandals, fraud behind all this hidden specter of collusion. In this paper, summing up results of Chinese and foreign scholars on the conspiracy theory, based on the collusion of listed company formation mechanism and checks and balances mechanisms were studied. Papers to the United States, Germany, and Japan and the emergence of the characteristics of corporate governance of listed companies as the la