PPT展示ASurveyofCorporateGovernance概述.pptVIP

A survey of corporate governance The whole picture of this paper 研究公司治理结构的重要意义 本文的难点 正文 结论 Corporate governance deal with：公司治理解决的问题： 保障投资者的权益 Three problems deal with: 具体讲就是： Get manager return profit to them 如何使经理人员返还部分利润： do not steal from investors 如何使经理人员不自利： how to control managers 如何建立有效机制监控经理人员； The nature of agency problem the separate of money before and after the invest into the firm----agency problem 代理问题的根源是：投资资金与投资者的分离 The important meaning of this issue most advanced market think they have solved the problem — really not 是否很多发达市场已解决代理问题了呢？ －NO The important meaning of this issue many disagreement between economists: optimistic of us but Jensen disagree high leverage is the trend 学术分歧： 乐观 vs 任重道远 LBO? Jensen 认为：过高的财务杠杆并不是解决问题的法宝； replace view for Japanese and Germany system 德日模式？―发现问题的本质有利于社会的进步：从事务操作到机制重构。 governance reform is to minimize the agency cost ----------market competition will perfect the governance system 公司治理结构的改革的目的是降低成本： 市场竞争最终会优化公司治理结构本身？ 产品市场vs资本市场 微观vs宏观机制 市场竞争不是问题的全部方案. 我们有更多的挑战！ but product market competition will not single solve the problem of agency problem: spot market is different from the capital market. And corporate governance solve this problem. But need more than competition the outline of the paper:论证方法： 问题， 理论模型 实证研究 文章架构： 1.代理问题的本质和经典的理论模型 2.企业在资本市场融资的来源 3.公司治理结构中常用方法的论证 4.大投资者的代理成本 5.综合考评 6.结论 I our perspective is agency problem ------separation of money and control nature of agency problem 代理问题的本质：投资者如何控制经理人standard model of agency problem----incentive contract A. 契约理论：contracts contract between financers and managers general contract vs complete contract一般契约vs完全契约 complete contract is infeasible 完全契约的不可行性：未来的不确定性和成本 how to allocate the residual profit include some personal perspective. 一般契约的实施：决策权及收益的分配权 The problem of allocated efficiency 问题的根源 ----the financiers have the control right but not qualified with skill and informed enough to control---the manager has more control ri