_金砖四国_公司治理的比较分析.pdfVIP

“金砖四国”公司治理的比较分析 宫 晓 羽； 刘 汉 民 （暨南大学 管理学院，广州 510632） 摘要：本文选取“金砖四国”作为新兴市场国家的代表，运用比较公司治理的研究方法，系统地比较分析这些国家在公 司治理结构、所有权结构、资本市场以及宏观经济绩效方面的差异和共性。研究表明，“金砖四国”的公司治理模式呈 现出多样性的特征，这种多样性源于各国制度环境的影响，并随着制度环境的变化而不断地进化，在特定的条件下，均 实现了有效率。公司治理及其演化过程是多种制度安排在进化博弈中形成的多重均衡结果。因此，我国在学习和借鉴其 他国家公司治理模式的同时，应当与实际国情相结合，创造具有中国特色的公司治理体制。 关键词：“金砖四国”；公司治理；比较分析 ComparativeAnalysison Corporate GovernanceinBRICs ComparativeAnalysison Corporate GovernanceinBRICs CCoommppaarraattiivveeAAnnaallyyssiissoonnCCoorrppoorraatteeGGoovveerrnnaanncceeiinnBBRRIICCss Gong Xiaoyu； Liu Hanmin (CollegeofManagement，JinanUniversity,Guangzhou510632,China) Abstract Abstract AAbbssttrraacctt：This paper selects BRICs as representatives of emerging market countries, systematically compares and analyzes their differences and similarities in the aspects of corporate governance structure, ownership structure, capital market and macroeconomic performance. The research shows that the modes of corporate governance among BRICs are of diversity, which results from discrepant institutional environments, and that evolves with the change of institutional environments. Under given conditions, they are all efficient. Actually, corporate governance and its process of evolution are multiple equilibria which formed through the evolutionary game ofvariousinstitutional arrangements.Therefore, in order to improve the corporate governance efficiency in China, we should learn from and draw on the experiences of other countries on one hand and combine them with Chinese actual conditions ontheother,and create acharacteristic systemofcorporate governance Key words: BRICs Corporategovernance Comparative analysis Key words: KKeeyy wwoorrddss:: ； ； 0 引言 1 多样性与趋同性论争