Publications-Theses

題名 中國大陸國有企業公司治理之探討
作者 游惠珍
Yu, Hui-chen
貢獻者 劉玉珍
游惠珍
Yu, Hui-chen
關鍵詞 中國大陸
國有企業
公司治理
China
SOE
corporate governance
日期 2003
上傳時間 18-Sep-2009 10:54:14 (UTC+8)
摘要 中國共產黨自1949年接替大陸之政權,奉行社會主義實行高度集中的計畫經濟體制,整個國民經濟就像一個大型工廠,導致國有企業經營績效一蹶不振。至1970年代後期,大陸體認市場機制之重要性,引進市場經濟,逐步開放國有企業之經營;而遲至1990年代後期,大陸才開始引進公司治理之概念。
就大陸近年來建立之公司治理制度,可看出其概念及具體措施是源自於國外成熟市場之制度。其本質較為偏向英美模型;而組織則採類似德國雙元制之董事會及監事會並存之架構。但由於大陸國有企業受限於國情、政治體制及政府態度之影響,導致大陸國有企業之組織雖已轉型為現代模型之公司,其體質仍存在許多問題。
以大陸國有企業改建為上市公司之股權結構觀之,主要為國有股、法人股及公眾股,各持股比例約佔流通在外股權之30﹪。而其持股比例與公司經營績效之關係,經多位學者研究,就理論而言,法人股之持股比例與公司經營績效呈現正相關;國有股與公眾股之持股比例與公司經營績效呈現負相關。因而主張國有企業改建為上市公司時,政府應減少對公司之持股,並將持股移轉予機構法人始有利於國有企業改建為上市公司之公司治理架構。然實務上,機構法人持股比例與公司經營績效呈現正相關之立論,須配以完善之市場監管制度以產生制衡機制,否則,當機構法人成為控制股東時,將能藉由移轉計價、金字塔結構等內部交易以剝削少數股東之權益。
參考文獻 一、中文部分
專書及期刊
1. Conger, J. A., Donaldson, G., Finegold, D., Khurana, R., Lawler III, E. E., Lorsch, J. W., Pound, J., Salmon, W. J.(2001),「哈佛商業評論精選 公司治理」,臺灣:天下遠見出版社。
2. 吳敬璉(1994),「現代公司與企業改革」,大陸:天津人民出版社。
3. 柯承恩(2000),「我國公司治理體系之問題與改進建議」,臺灣:會計研究月刊,173期,頁75-81。
4. 郎咸平(2004),「操縱」,大陸:東方出版社。
5. 曹鳳歧(2001),「股份經濟論」,大陸:北京大學出版社。
6. 葉銀華、李存修、柯承恩(2002),「公司治理與評等系統」,臺灣:商智文化。
7. 謝俊欽、顏月妙、梁美珠、楊麗貞、章友馨、孫嘉臨(2003),「大陸證券市場發展現況報告」,證交資料,493期,臺灣證券交易所。
學位論文
8. 沈慧娟(2002),「中國大陸公司治理結構之探討」,東吳大學會計研究所碩士論文。
9. 鄔台明(2002),「中國大陸國有企業股份制改革之研究」,淡江大學大陸研究所碩士論文。
研究報告
10. 「中國證券市場發展與創新」,2001年9月,中國證券監督管理委員會政研室、深圳證交所編,中國財政經濟出版社。
11. 「兩岸證券市場競合及我方因應策略之研究」,民國92年6月,中華經濟研究院研究報告。
電子期刊
12. 王一萱、李新,「國有股減持問題研究」,2002年2月25日,深圳證券交易所研究報告。網址:http://www.sse.org.cn
13. 劉紀鵬,「劉紀鵬談國家股減持的爭論與思考」,2001年11月19日,中國網。網址:http://202.130.245.40/chinese/Fl-c/77573.htm
二、外文部分
1. Boubakri, N., Jean-Claude Cosset, Guedhami, O., 2004. Privatization, corporate governance and economic environment:Firm-level evidence from Asia. Pacific-Basin Finance Journal, 12, pp. 65-90.
2. Boycko, M., Shleifer, A., Vishny, R. W., 1994. Voucher privatization. Journal of Financial Economics, 35, pp.249-266.
3. Clarke, D. C., 2003. Corporate governance in China:An overview. China Economic Review, 14, pp.494-507.
4. Cotter, J. F., Shivdasani, A., Zenner, M., 1997. Do independent directors enhance target shareholder wealth during tender offers? Journal of Financial Economics, 43, pp 195-218.
5. Fama, Eugene F. 1980. Agency problems and the theory of the firm. Journal of Political Economy, 88, pp288-307.
6. Gillan, S. L., Starks, L. T., 2000. Corporate governance proposals and shareholder activism:the role of institutional investors. Journal of Financial Economics, 57, pp275-305.
7. Grossman, S. J., Hart, O. D., 1980. Takeover bids, the free-rider problem, and the theory of the corporation. Bell Journal of Economics, 11, pp 42-64.
8. Hart, O. D., 1983. The market mechanism as an incentive scheme. Bell Journal of Economics, 14, pp366-382.
9. Jensen, M., 1993. The modern industrial revolution, exit, and the failure of internal control systems. The Journal of Finance, 48, pp. 831-880.
10. Jensen, M., Ruback, R., 1983. The market for corporate control:the scientific evidence. Journal of Financial Economics, 11, pp. 5-50.
11. La Porta, R., Lopez-de-Silanes, F., Shleifer, A., and Vishny, R. W., 1998. Law and Finance. Journal of Political Economy, 106, pp. 1113-1155.
12. La Porta, R., Lopez-de-Silanes, F., Shleifer, A., and Vishny, R., 2002. Investor protection and corporate valuation. The Journal of Finance 57, pp.1147-1170.
13. Lin, C. 2001. Corporatisation and corporate governance in China’s economic transition. Economics of Planning, 34, pp. 5-35.
14. Martin, K., McConnell, J., 1991. Corporate performance, corporate takeovers, and management turnover. Journal of Financial Economics, 27, pp. 595-612.
15. McKinsey & Company, June 2002, Investor Opinion Survey.
16. Monks, R. A. G., Minow, N., 1995. Corporate Governance. Blackwell Publishing.
17. Morck, R., Schleifer, A., Vishny, R., 1988. Management ownership and market valuation:an empirical analysis. Journal of Financial Economics, 20.
18. Organisation for Economic Co-operation and Development, 1999, OECD Principles of Corporate Governance.
19. Organisation for Economic Co-operation and Development, 2004, OECD Principles of Corporate Governance.
20. Qi, D., Wu, W., Zhang, H., 2000. Shareholding structure and corporate performance of partially privatized firms:Evidence from listed Chinese companies. Pacific-Basin Finance Journal, 8, pp. 587-610.
21. Qiang, Q.2003. Corporate governance and state-owned shares in China listed companies. Journal of Asian Economics, 14, pp. 771-783.
22. Rajan, R., Zingales, L., 1998. Which capitalism? Lessons from the East Asian crisis. Journal of Applied Corporate Finance.
23. Rawski, T. G., 1994. Chinese industrial reform:Accomplishments, prospects, and implications. The American Economic Review, 84, pp. 271-275.
24. Rosenstein, S., Wyatt, J. G., 1990. Outside directors, board independence and shareholder wealth. Journal of Financial Economics, 26, pp. 175-191.
25. Rosenstein, S., Wyatt, J. G., 1997. Inside directors, board effectiveness, and shareholder wealth. Journal of Financial Economics, 44, pp229-250.
26. Ross, S. A., 1973. The economic theory of agency:the principal’s problem. The American Economic Review, 63, pp134-139.
27. Schipani, Cindy A., Liu Junhai, 2001. Corporate governance in China:then and now. William Davidson Working Paper Number 407.
28. Shleifer, A., Vishny, R. W., 1986. Large shareholders and corporate control. Journal of Political Economy, 94, pp.461-488.
29. Shleifer, A., Vishny, R., 1997. A survey of corporate governance. The Journal of finance, 52, pp. 737-783.
30. Tenev, S., Zhang, C., & Brefort, L., 2002. Corporate governance and enterprise reform in China:Building the institutions of modern market . World Bank and International Finance Corporation.
31. Thomsen, S. 1999. Corporate ownership by industrial foundations. European Journal of Law and Economics, 7, pp. 117-136.
32. World Bank, 1999, ”Corporate Governance:A framework for implementation- overview”, p5.
33. Xu, X., Wang, Y., 1999. Ownership structure and corporate governance in Chinese stock companies. China Economic Review, 10, pp. 75-98.
34. Zhang, L. 2001. Ownership and governance issues in the restructuring of Chinese state-owned enterprises.
描述 碩士
國立政治大學
財政研究所
87255017
92
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0087255017
資料類型 thesis
dc.contributor.advisor 劉玉珍zh_TW
dc.contributor.author (Authors) 游惠珍zh_TW
dc.contributor.author (Authors) Yu, Hui-chenen_US
dc.creator (作者) 游惠珍zh_TW
dc.creator (作者) Yu, Hui-chenen_US
dc.date (日期) 2003en_US
dc.date.accessioned 18-Sep-2009 10:54:14 (UTC+8)-
dc.date.available 18-Sep-2009 10:54:14 (UTC+8)-
dc.date.issued (上傳時間) 18-Sep-2009 10:54:14 (UTC+8)-
dc.identifier (Other Identifiers) G0087255017en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/34677-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財政研究所zh_TW
dc.description (描述) 87255017zh_TW
dc.description (描述) 92zh_TW
dc.description.abstract (摘要) 中國共產黨自1949年接替大陸之政權,奉行社會主義實行高度集中的計畫經濟體制,整個國民經濟就像一個大型工廠,導致國有企業經營績效一蹶不振。至1970年代後期,大陸體認市場機制之重要性,引進市場經濟,逐步開放國有企業之經營;而遲至1990年代後期,大陸才開始引進公司治理之概念。
就大陸近年來建立之公司治理制度,可看出其概念及具體措施是源自於國外成熟市場之制度。其本質較為偏向英美模型;而組織則採類似德國雙元制之董事會及監事會並存之架構。但由於大陸國有企業受限於國情、政治體制及政府態度之影響,導致大陸國有企業之組織雖已轉型為現代模型之公司,其體質仍存在許多問題。
以大陸國有企業改建為上市公司之股權結構觀之,主要為國有股、法人股及公眾股,各持股比例約佔流通在外股權之30﹪。而其持股比例與公司經營績效之關係,經多位學者研究,就理論而言,法人股之持股比例與公司經營績效呈現正相關;國有股與公眾股之持股比例與公司經營績效呈現負相關。因而主張國有企業改建為上市公司時,政府應減少對公司之持股,並將持股移轉予機構法人始有利於國有企業改建為上市公司之公司治理架構。然實務上,機構法人持股比例與公司經營績效呈現正相關之立論,須配以完善之市場監管制度以產生制衡機制,否則,當機構法人成為控制股東時,將能藉由移轉計價、金字塔結構等內部交易以剝削少數股東之權益。
zh_TW
dc.description.tableofcontents 論文提要 …………………………………………………………………… i
謝辭 ………………………………………………………………………… ii
目錄 ………………………………………………………………………… iii
圖目錄 ……………………………………………………………………… iv
表目錄 ……………………………………………………………………… v
本文
第一章 緒論 ………………………………………………………………. 1
第一節 研究動機 ……………………………………………………...... 1
第二節 研究目的 ……………………………………………………….. 3
第三節 研究方法 ……………………………………………………...... 4
第四節 研究架構 ……………………………………………………...... 4
第二章 公司治理 …………………………………………………………. 6
第一節 委託-代理問題及代理成本 …………………………………….. 7
第二節 公司治理定義 …………………………………………………... 10
第三節 公司治理之英美模型及德日模型 ……………………………... 12
第四節 公司治理之參與者 ……………………………………………... 21
第五節 OECD公司治理原則 …………………………………………... 29
第六節 世界銀行之公司治理體系參考架構 …………………………... 34
第三章 大陸國有企業公司治理之組織架構及演進 ……………………. 38
第一節 傳統模型(1950年代至1984年間)..……………………….... 38
第二節 過渡模型(1984年至1993年間)…………………………….. 41
第三節 現代公司模型(1993年迄今)……………………………….... 48
第四章 大陸公司之股權結構及其與公司治理之關係 …………………. 55
第一節 股權結構 ………………………………………………………... 56
第二節 股權結構與經營績效之關係 …………………………………... 64
第三節 國有股減持方案之推行 ……………………………………….. 80
第四節 引進合格境外機構投資者 …………………………………….. 86
第五節 大陸公司治理相關法規 ……………………………………….. 90
第五章 結論 ……………………………………………………………… 96
第一節 結論 …………………………………………………………….. 96
第二節 研究貢獻 ……………………………………………………….. 98
第三節 研究限制 ……………………………………………………….. 99
第四節 未來之研究方向 ……………………………………………….. 100
參考文獻 .………………………………………………………..………… 101
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dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0087255017en_US
dc.subject (關鍵詞) 中國大陸zh_TW
dc.subject (關鍵詞) 國有企業zh_TW
dc.subject (關鍵詞) 公司治理zh_TW
dc.subject (關鍵詞) Chinaen_US
dc.subject (關鍵詞) SOEen_US
dc.subject (關鍵詞) corporate governanceen_US
dc.title (題名) 中國大陸國有企業公司治理之探討zh_TW
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 一、中文部分zh_TW
dc.relation.reference (參考文獻) 專書及期刊zh_TW
dc.relation.reference (參考文獻) 1. Conger, J. A., Donaldson, G., Finegold, D., Khurana, R., Lawler III, E. E., Lorsch, J. W., Pound, J., Salmon, W. J.(2001),「哈佛商業評論精選 公司治理」,臺灣:天下遠見出版社。zh_TW
dc.relation.reference (參考文獻) 2. 吳敬璉(1994),「現代公司與企業改革」,大陸:天津人民出版社。zh_TW
dc.relation.reference (參考文獻) 3. 柯承恩(2000),「我國公司治理體系之問題與改進建議」,臺灣:會計研究月刊,173期,頁75-81。zh_TW
dc.relation.reference (參考文獻) 4. 郎咸平(2004),「操縱」,大陸:東方出版社。zh_TW
dc.relation.reference (參考文獻) 5. 曹鳳歧(2001),「股份經濟論」,大陸:北京大學出版社。zh_TW
dc.relation.reference (參考文獻) 6. 葉銀華、李存修、柯承恩(2002),「公司治理與評等系統」,臺灣:商智文化。zh_TW
dc.relation.reference (參考文獻) 7. 謝俊欽、顏月妙、梁美珠、楊麗貞、章友馨、孫嘉臨(2003),「大陸證券市場發展現況報告」,證交資料,493期,臺灣證券交易所。zh_TW
dc.relation.reference (參考文獻) 學位論文zh_TW
dc.relation.reference (參考文獻) 8. 沈慧娟(2002),「中國大陸公司治理結構之探討」,東吳大學會計研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 9. 鄔台明(2002),「中國大陸國有企業股份制改革之研究」,淡江大學大陸研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 研究報告zh_TW
dc.relation.reference (參考文獻) 10. 「中國證券市場發展與創新」,2001年9月,中國證券監督管理委員會政研室、深圳證交所編,中國財政經濟出版社。zh_TW
dc.relation.reference (參考文獻) 11. 「兩岸證券市場競合及我方因應策略之研究」,民國92年6月,中華經濟研究院研究報告。zh_TW
dc.relation.reference (參考文獻) 電子期刊zh_TW
dc.relation.reference (參考文獻) 12. 王一萱、李新,「國有股減持問題研究」,2002年2月25日,深圳證券交易所研究報告。網址:http://www.sse.org.cnzh_TW
dc.relation.reference (參考文獻) 13. 劉紀鵬,「劉紀鵬談國家股減持的爭論與思考」,2001年11月19日,中國網。網址:http://202.130.245.40/chinese/Fl-c/77573.htmzh_TW
dc.relation.reference (參考文獻) 二、外文部分zh_TW
dc.relation.reference (參考文獻) 1. Boubakri, N., Jean-Claude Cosset, Guedhami, O., 2004. Privatization, corporate governance and economic environment:Firm-level evidence from Asia. Pacific-Basin Finance Journal, 12, pp. 65-90.zh_TW
dc.relation.reference (參考文獻) 2. Boycko, M., Shleifer, A., Vishny, R. W., 1994. Voucher privatization. Journal of Financial Economics, 35, pp.249-266.zh_TW
dc.relation.reference (參考文獻) 3. Clarke, D. C., 2003. Corporate governance in China:An overview. China Economic Review, 14, pp.494-507.zh_TW
dc.relation.reference (參考文獻) 4. Cotter, J. F., Shivdasani, A., Zenner, M., 1997. Do independent directors enhance target shareholder wealth during tender offers? Journal of Financial Economics, 43, pp 195-218.zh_TW
dc.relation.reference (參考文獻) 5. Fama, Eugene F. 1980. Agency problems and the theory of the firm. Journal of Political Economy, 88, pp288-307.zh_TW
dc.relation.reference (參考文獻) 6. Gillan, S. L., Starks, L. T., 2000. Corporate governance proposals and shareholder activism:the role of institutional investors. Journal of Financial Economics, 57, pp275-305.zh_TW
dc.relation.reference (參考文獻) 7. Grossman, S. J., Hart, O. D., 1980. Takeover bids, the free-rider problem, and the theory of the corporation. Bell Journal of Economics, 11, pp 42-64.zh_TW
dc.relation.reference (參考文獻) 8. Hart, O. D., 1983. The market mechanism as an incentive scheme. Bell Journal of Economics, 14, pp366-382.zh_TW
dc.relation.reference (參考文獻) 9. Jensen, M., 1993. The modern industrial revolution, exit, and the failure of internal control systems. The Journal of Finance, 48, pp. 831-880.zh_TW
dc.relation.reference (參考文獻) 10. Jensen, M., Ruback, R., 1983. The market for corporate control:the scientific evidence. Journal of Financial Economics, 11, pp. 5-50.zh_TW
dc.relation.reference (參考文獻) 11. La Porta, R., Lopez-de-Silanes, F., Shleifer, A., and Vishny, R. W., 1998. Law and Finance. Journal of Political Economy, 106, pp. 1113-1155.zh_TW
dc.relation.reference (參考文獻) 12. La Porta, R., Lopez-de-Silanes, F., Shleifer, A., and Vishny, R., 2002. Investor protection and corporate valuation. The Journal of Finance 57, pp.1147-1170.zh_TW
dc.relation.reference (參考文獻) 13. Lin, C. 2001. Corporatisation and corporate governance in China’s economic transition. Economics of Planning, 34, pp. 5-35.zh_TW
dc.relation.reference (參考文獻) 14. Martin, K., McConnell, J., 1991. Corporate performance, corporate takeovers, and management turnover. Journal of Financial Economics, 27, pp. 595-612.zh_TW
dc.relation.reference (參考文獻) 15. McKinsey & Company, June 2002, Investor Opinion Survey.zh_TW
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