摘要
美国是一个资本市场高度发达的国家,美国公司营运资金主要来源于证券市场的直接融资。相应地,美国也主要通过市场机制来进行公司治理。由于美国公司股权高度分散产生小股东"搭便车"和"内部人控制"的现象,所以美国主要通过营造一个竞争的公司控制权市场来对公司经营者进行治理,有职业董事经理人才市场与之相配套,并以股东派生诉讼机制作为补充。由于市场的局限性,美国通过立法对恶意接管、信息披露欺诈和股东恶意诉讼进行规制。这些都值得我国借鉴。
In America the capital market is full developed and the working capital of the corporation mostly roots in the direct financing in the securities market, so the corporate governance mostly depends on the function of the market. The dispersion of corporate equity of America leads to free ride of minority stockholders and insider control, so it governs manager constructing a competitive market for corporate control, the market for directormanager and the derivative action of stockholders. Because of the localization of market, it is need to regulate hostile takeover, fraud information disclosure and hostile litigation of stockholder by legislation in USA.
出处
《中南大学学报（社会科学版）》
2003年第3期331-334,共4页
Journal of Central South University：Social Sciences
