试论公司多边治理.pdfVIP

摘要 摘 要 谁拥有公司，公司应该为谁服务，对这一问题的不同回答导致了公司治理的 两大基本理论：股东至上理论和利益相关者理论。这两种理论的公司治理含义完 全不同，由此也直接导致出两种不同的公司治理模式：公司单边治理模式和公司 多边治理模式。随着时代的变迁，越来越多的专家学者开始对公司多边治理加以 研究。公司多边治理是一种动态的自我完善的治理模式。一般而言，公司多边治 理要以核心利益相关者为主导，同时借助其他治理主体的力量。利益相关者理论 自斯坦福研究所 60 年代提出以来克服重重困难迅速发展。现代契约理论随着时 代发展逐渐为利益相关者理论加以应用，并与人力资本理论相衔接。理论和实践 相结合，公司多边治理在法学和经济学领域取得重大进展。公司治理存在着国际 趋同的发展趋势。虽然德日模式和英美模式是在相互借鉴，但总的来说，是英美 的单边治理模式向德日的多边治理模式靠拢的多。公司治理理念正从股东至上主 义向利益相关者主义，从公司“单边治理”向公司“多边治理”转变。公司多边 治理模式具有丰厚的理论依据，也有相当的实证基础。思考公司多边治理模式是 否能适应时代要求并继续向前发展有较强的理论意义，也有重大的现实意义。 关键词：公司多边治理, 理论依据, 实证分析 I Abstract Abstract Who owns the company, for whom are the services of company, the answer to this question has led to two basic theories of corporate governance: shareholder supremacy theory and stakeholder theory. These two theories have an entirely different meaning of corporate governance, which also led directly to the two different models of corporate governance: corporate unilateral governance model and corporate multilateral governance model. With the changing times, a growing number of experts and scholars began to study the company multilateral governance model. Company multilateral governance is a dynamic and self-improvement governance model. Generally speaking, Company multilateral governance should be based on the core stakeholders , at the same time with the strength of other governance.Stakeholder theory obtain a rapid development by overcoming difficulties since Stanford Institute put forward the stakeholder theory in the 1960s . Modern contract theory be applied gradually by stakeholder theory with the development