摘要
在有效相机治理机制下公司控制权将随公司绩效和经营状态的变化而发生转移和重新配置。随着公司绩效的恶化,公司控制权将沿着所有者主权、债权人主权和破产清算的方向演进。这种演进的前提条件是产权的明确界定和公司化改造,并需要一个竞争性的市场体系和完善的金融体系作为其外部制度条件。我国目前还存在许多阻碍控制权转移和有效的公司相机治理实现的制度安排,这需要进行系统地消除和优化。
Efficient corporate control should be adapted to the change of corporate performance. The dynamic process of corporate governance is defined as contingent governance. With the firm performance becoming worse, the corporate control will be gradually switched from manager - dominated pattern to shareholder - dominated and then to debtor - dominated pattern. Had bankruptcy point reached, it would be switched to bankruptcy committee and a clearing process will begin. The premises of such evolution are the clear definition of property right and corporatization while a competitive market system and high - developed financial system acts as the external institutional environment. There are many institutional barriers to efficient contingent governance and regime switching in China's institutional arrangement that need to be fully checked and optimized.
