利益相关者治理评价和治理指数[J].docVIP

利益相关者治理评价和治理指数唐跃军 (复旦大学管理学院，上海 200433) 摘要：本文对中国上市公司利益相关者治理机制所做的评价显示：（1）上市公司利益相关者治理指数较低，在不同上市公司之间的分布不均衡，利益相关者治理机制较为薄弱。上市公司利益相关者参与程度的表现不如利益相关者和谐程度。中小股东参与和权益保护程度亟待提高，有必要积极引入并大力推广累积投票制度和网上投票制度；同时，公司社会责任的履行也有待进一步引起上市公司的重视。虽然上市公司投资者关系管理状况在2004年有了较大的改善，但是仍然有待进一步加强。（2）2003和2004中国最具价值上市公司利益相关者治理机制相对样本总体较好。2004中国最具价值上市公司利益相关者参与程度显著高于样本中的其它上市公司，同时2004中国最具价值上市公司利益相关者参与程度高于2003中国最具价值上市公司，但是利益相关者和谐程度则不然。 关键词：利益相关者；治理评价；治理机制；利益相关者治理指数 唐跃军，管理学博士，复旦大学管理学院讲师，研究方向公司治理战略管理。，复旦大学管理学院士。中图分类号：F276.6 文献标识码：A Stakeholders Governance Appraisals and Stakeholders Governance Index: Based on Appraisals for Most Valuable Listed Companies of China (2003 vs. 2004) Abstract: We appraise stakeholders governance mechanisms of Chinese listed companies and find that: (1) Chinese listed companies have poor stakeholders governance mechanisms because the stakeholders governance index () of listed companies are rather low and have an unbalance distribution among listed companies; the status quo of is better than of ; listed companies must pay great attention to governance participation of small medium shareholders and their interest and right protection by adopting and spreading cumulative voting and internet voting; listed companies also need to pay great attention to social responsibility; and investors relationship management need to be improved though listed companies have attached more greater importance to it in 2004. (2) Stakeholders governance mechanisms of 2003 2004 Most Valuable Listed Companies of China are respectively better than of the total samples of 2003 2004; of 2004 Most Valuable Listed Companies of China is higher than of other listed companies in the 2004 samples and of 2003 Most Valuable Listed Companies of China; but of 2004 Most Valuable Listed Companies of China is lower than of 2003 Most Valuable Listed Companies of China. Keywords: Stakeholders; Governance Appraisals; Governance Mechanisms; 引言 20世纪80年代初，以Freeman为代表的一些经济学家和管理学家从公司战略管理、企业伦理等角度，对企业治理结构的主体作了较详细的分析，并经验地研究了利益相