Company Law and Corporate Governance Renewal in Transition Economies: The Bulgarian Dilemma

The main objective of company law and corporate governance structures is to provide rules and secure efficient functioning of decision-making mechanisms that maximise the value of enterprises and safeguard interests of various stakeholders. Company laws and corporate governance models in different countries have evolved in specific historical, cultural, market and legal conditions that prevent their direct transplantation elsewhere. Assessing available experiences, former centrally planned European economies, engaged in sweeping transformations, are challenged by the need to recreate a delicate balance between investor protection and business discretion of managers to work for corporate value maximisation and social welfare. This essay undertakes an explorative discussion on the possible choices and the costs and benefits related to principalagent problem resolution in economies in transition, with special emphasis on institutions and the case of Bulgaria.     

經濟危機後中國公司治理何去何從

2005年公司法順應國際趨勢,在鼓勵自治方面頗有突破。然則,自治是一把雙刃劍,放鬆管制的同時必须注重監督卻沒有跟上,是爲一大隱患。此後兩年美國金融危機爆發,並演化爲全球性的經濟危機,至今陰雲不散。這場危機肇始於華爾街的     

公司法人财产权与公司治理

从探讨公司法人财产权和公司治理二者关系角度入手,对中国公司法中"法人财产权"的内涵与性质加以阐释和分析。法人财产权是一种综合性的权利,包括对实物财产享有的所有权和对其他财产享有的完整权利,法人财产权的确立与归属是公司治理的基础与保障,是公司治理权力分化与制衡的出发点及归宿,而科学有效的公司治理结构的建构与确立也维系着法人财产权的地位,是实现法人财产权的组织保证。新《公司法》删除了原《公司法》关于公司中的国有资产所有权属于国家的规定,为建立现代意义上的公司制度与科学合理的公司治理结构奠定了基础。     

Corporate Governance and Corporate Social Responsibility in Profit- and in Non-Profit-Organizations

Corporate Governance governs corporations. To discuss the law and economics of corporations, their performance on the market and management control by legislation and government, is to discuss Corporate Governance. Now, Corporate Governance is being challenged by a new concept to conceive the role of corporations in the world and to control their managers: this is the concept of Corporate Social Responsibilty (CSR). This concept focuses on other than merely profit centered functions of corporations; rather, performance of corporations is measured by criteria of good corporate citizenship. In the Non-Profit sector, corporations also play a major role, although organizations in this sector typically differ from business corporations in several aspects. Yet, deficits of transparency and control of NPO are being discussed here as well. The tendency is to draw from the concept of corporate governance to develop appropriate remedies. Furthermore, the discussion of Corporate Social Responsibilty has also made its way to the NPO sector.     

论破产重整中的公司治理——美国经验及其借鉴

破产重整中公司治理结构在现实上必然会产生一些张力和变化,破产公司治理在宏观上与破产重整的立法目的密切相关,因此构建公司治理结构首先就要受制于破产债务人在破产重整或者破产清算之间所做出的选择。     

论中国的银行主导公司治理模式

对转轨国家的主流研究文献认为,银行主导的公司治理模式对转轨国家是一种合适的选择.但从实施银行主导公司治理的国家的历史和现实演化,以及就中国的实际而言,这并不是一个可行的道路.     

公司治理的路径依赖及其对公司治理演进的影响

在经济全球化的背景下,一国对其他国家有效率的公司治理模式的关注进一步加强。但是由于路径依赖的存在,各国依然保留了各自的公司治理模式,并在原有的制度框架内进行了适度微调,使得各国的公司治理发生了功能趋同。但是,当各国的现有制度无法被赋予新的功能,并且保留现有制度效率较低时,便有可能发生对其他国家有效率的公司治理制度的借鉴。论文运用路径依赖理论分析了我国公司治理的现状及发展趋势。     

The Role of Competition in Determining Corporate Governance Outcomes: Lessons from Australia's Corporate Governance System

Successive waves of corporate collapse in every decade of Australia's history suggest that there is a significant unresolved corporate governance problem in Australia. Corporate collapse has been followed by reform but with little effect on the overall pattern of collapse and reform every decade. This article suggests that one of the elements which entrenches corporate governance problems in Australia is the competitive environment in which companies operate, which currently is not regulating management. It is argued that this anti-competitive environment has two significant effects. First, key shareholders have retained controlling blocks of shares as the benefits of control and the costs of unconstrained management are high in such distorted markets. Secondly, management skills have stagnated, so that bad management and regular management failure have become features of the corporate governance system.     

论公司治理结构中的检查人选任请求权制度

股东是公司的实际投资人也是公司的终极所有权人,在公司治理过程中股东享有重大决策权,在两权分离的管理模式下股东要有效实现决策权必须先实现知情权.股东知情权的实现要通过调查权的实现为前提,而通过选任调查人的方式是实现调查权的有效途径.公司治理和立法先进的国家明确规定股东调查权的制度设计方式和行使该权利所要具备的相应客观条件;我国随着现代企业制度的建立和完善引入检查人选任制度是必要的和可行的.     

Business Ethics as Corporate Governance

The paper analyses ethical business codes as governance mechanisms, i.e. institutions which facilitate coordination of economic behaviour. Ethical business codes are compared to other social institutions (market solutions, government intervention, the prevailing social ethic), and their efficiency is evaluated in terms of transaction costs. A normative rationale for ethical codes is found when other institutions fail to achieve socially optimal outcomes, in particular when the firm has access to unique information. Some economic incentives are identified which induce firms to commit to socially optimal ethical codes but it is argued that economic forces will not in general be sufficient for optimality.     

论公司治理中的职工参与制——以经济民主的视角

完善公司法人治理结构是公司法领域的热点话题，国内法学家、经济学家对其论述颇多，其中职工参与公司治理的问题在近年来引起了学者的广泛关注。我国应以经济民主的视角，参考西方国家公司公司治理中贯彻经济民主的实践，构建中国本土特色的职工参与公司治理制度，完善我国立法，鼓励并保障公司职工积极参与公司治理。     

论完善我国公司治理结构

引入独立董事制度,完善我国公司治理结构,已成为目前公司法研讨的热点问题,部分公司已经引入一些独立董事,证监会也发布了《关于上市公司建立独立董事制度的指导意见》,但将一种制度引入我国,绝不仅仅只是简单的移植问题。从公司治理结构的涵义、独立董事的依存背景出发,力求说明我国不适宜引入独立董事制度,而应在现有的公司治理结构模式下改革和完善我国的公司治理结构。     

论银行公司治理制度的构建

在银行中,利益冲突的范围不同于实体经济中一般的工商企业,但是,一直以来银行的公司治理制度并没有给予银行中特别的利益冲突以特别关注。美国2007—2009年的金融危机表明,有必要调整和改革银行的公司治理结构。银行功能的社会公益性以及银行中特殊的利益冲突和其它的特点使得在构建银行的公司治理结构时,不能够简单地适用普通公司的治理模式,而要在股权治理、债权治理和监管治理之中寻求平衡。     

公司治理的司法保障——司法介入公司治理的法理分析

司法权力通过诉讼程序介入公司内部治理是公司顺畅运作的外部保障。在本质上,司法介入公司治理就是司法对公司自治进行调节的一种机制。司法介入公司治理应遵循国家干预与公司自治相平衡原则。在放松政府管制潮流下,强化司法介入应是必然选择。