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1、湖南大學(xué)博士學(xué)位論文優(yōu)勢產(chǎn)業(yè)發(fā)展研究姓名:劉德文申請學(xué)位級別:博士專業(yè):國際貿(mào)易學(xué)指導(dǎo)教師:曾德明20060918通過理論分析模型研究董事會(huì)結(jié)構(gòu)對公司績效的影響機(jī)理,以期為今后針對國內(nèi)上市公司開展深入系統(tǒng)的實(shí)證研究提供一個(gè)有參考價(jià)值的理論框架。并以實(shí)證分析結(jié)果即公司績效與董事會(huì)的結(jié)構(gòu)與功能存在一定的聯(lián)系之結(jié)論為基礎(chǔ),對該結(jié)果在法律與治理規(guī)則上的相應(yīng)運(yùn)用進(jìn)行了一番分析。本文認(rèn)為,中國資本市場持續(xù)多年的不振反映了我國公司治理中存在的諸多問題,以往的很多研究,例如以激勵(lì)持股來討論治理、將代理理論移植到中國、或者針對股權(quán)分置的不良效應(yīng)展開論述而呼吁全流通等都沒有觸及到中國資本市場的本質(zhì)癥結(jié)。實(shí)
2、際上,中國上市公司所反映的諸多問題,其本質(zhì)上是股東權(quán)被絕對化從而出現(xiàn)內(nèi)部控制不夠,權(quán)力運(yùn)行缺乏制衡所導(dǎo)致,要限制則首先必須限制控股股東的權(quán)力。上市公司治理的問題發(fā)生于內(nèi)部控制的規(guī)則失靈,中國公司治理的癥結(jié)在于現(xiàn)有的市場游戲規(guī)則之失靈,據(jù)此必須重新配置相應(yīng)的股東權(quán)運(yùn)行規(guī)則,這才是解決中國上市公司癥結(jié)問題的根本之道。關(guān)鍵詞:股東權(quán);股東權(quán)配置;公司治理;董事會(huì)IIAbstractTodiscusscorporategovernancefromtheperspectiveofshareholder’srightisbasedontheideaasfollows:becauseoftheess
3、entialdistinctionintheownershipandinitialsharesstructurebetweentheforeignproxytheoryandChineselistedcompany,WesterncorporategovernancetheoryhascausedapracticetargetingdeficiencyandactingalienationinChina,consequentlyresultinginternalcontrolandnon-market-orientedcontrolpower,auniversalphenomenoni
4、nthegovernanceoflistedcompanyinChina.TakingthegovernancepracticeoflistedcompaniesinChinaasbackground,theessentialdifferencebetweenChineseandforeigncorporategovernancewascarriedoutinthisessay,especiallyfocusingonthevicioussuperimpositionofagentdisassimilationandshareholder'srightdivision.fromthea
5、uthor'spointofview,onlybymeansofshareholder'srightallocation,namely,thereconstructionofthebasicshareholder'srightofacompany,cantheessentialrequirementofcompanymanagementbemet.ByreferringtotherealisticpracticeofChineselistedcompanygovernance,thisarticlehasanalyzedsuchbadgovernancesituationsastheh
6、azardsofequitydivision,controlabsolution,andthecompoundofdelegatedrightandagentright.Anditisthoughtinthisarticlethatgovernanceispossibleonlywhenshareholder’srightisplannedandallocatedinstitutionallywithshareholder’srightandindividualbenefitunaffectedandcommonbenefitrestricted.Theproperallocation
7、ofshareholder’srightmeansaharmonyamongcontrollingholders,biggerholdersandmediumandsmallholdersandconsequentlytheharmonyofcompanygovernance.Thethesisproceedswithbasicelementthatshareholder'srightdisposes,andthemistakenunderst