公司治理制度的法经济学思考.docVIP

公司治理制度的法经济学思考 李正生湖南人文科技学院 湖南娄底 417000摘要：公司治理制度包含内容很多，针对目前中国公司的现状，其中最关键的是财务公开制度、建立独立懂事制度和股市治理制度。在市场经济条件下，任何人都不可能获得全部的信息，不存在所谓的”完全市场”，所以要建立财务信息披露制度，建全财务公开的法律约束，规范财务行为；理论上，独立董事可以通过监督和提供专业性的建议及咨询来改善公司的经营管理，提高股东的权益。实践中人们也认为独立董事可以站在客观公正的立场，保护公司和投资者的利益，发挥对管理层的制衡作用；要解决中国公司股市上出现的制度性弊病和系统性风险，必须先打破股权分置的旧局。而要打破这个旧局，就是要对中国股市的契约安排进行重塑，要把旧的“霸王契约”变为新的“平等契约”。而以股抵债，则是多种方案选择中最具必要性、可行性、现实性、操作性的一种。 关键词：公司治理，法经济学，财务公开，独立懂事，股市治理Abstrcat: Corporate governance system has many content, as to the status of Chinese companies at the moment, the key ones of them is opening the financial system, the establishment of an independent director system and the stock market system of governance. In a market economy, no one can obtain all the information, there is no so-called full market and therefore should establish a financial information disclosure system, the built-wide financial disclosure law, standardizing financial behavior; Theoretically, an independent director can monitor and provide professional advice and recommendations to improve the companys operating management and improve shareholder rights. Practice is also regarded as independent directors could stand an objective and fair stance to protect the interests of the company and investors, to play the role of checks and balances on management; To solve the Chinese companies on the stock market ills of the system and systemic risks, we must first break the old shares at the home. To break the old Council, Chinas stock market is right to the lease arrangements for remodeling, to the old Overlord lease into a new contract of equality. While the stock paying off a debt , it is a variety of options in the most need, feasibility, practicality, a operability. Key words: Corporate governance,Law and economics,　Finance public, Independent director, Stock market government 1 财务公开的经济学分析1.1现代公司财务理论研究的经济学溯源 ?? 兴起于20世纪60～70年代的新制度经济学是在对新古典经济学的批评中发展起来的。新古典经济学的分析方法，将企业、市场、政府都看作是“黑箱”，这些制度安排都是没有成本的。在新古典经济学范式中，作为一种抽象，它们是被忽略而不被考虑的，但在现实经济运行中，最重要的约束变量不仅