投资者法律保护与公司治理交互作用及其对公司绩效影响研究述评
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外国经济与管理 2010 年 第 32 卷第 09 期, 页码：45 - 51
摘要
参考文献
摘要
传统的公司治理理论主要单一地研究公司治理机制对公司绩效的影响。作为一种公司外部治理机制,投资者法律保护能够与公司内部治理机制形成交互作用,从而可以更好地防范大股东等内部人侵占中小股东利益的行为,同时促进公司绩效的提升和资本市场的发展。本文沿着投资者法律保护与公司治理的交互作用及其对公司绩效的影响这条主线,分别从法律渊源、股权集中度、董事会监督、管理层薪酬激励和公司自主治理五个方面对国外近几年的相关研究进行了评述和分析,以供国内开展公司内、外部治理机制交互作用研究参考。
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[2]La Porta,R,Lopez-de-Silanes,F,Shleifer,A,and Vishny,Robert W.Legal determinants of external finance[J].The Journalof Finance,1997,52(3):1 131-1 150.
[3]Hirshleifer,D,and Thakor,A V.Managerial performance,boards of directors andtakeover bidding[J].Journal of Corporate Fi-nance,1994,l(1):63-90.
[4]Rediker,KJ,and Seth,A.Boards of directors and substitution effects of alternative governance mechanisms[J].Strategic Man-agement Journal,1995,16(2):85-99.
[5]Jenson,M C.The modern industrial revolution,exit,and the failure of internal control systems[J].The Journal of Finance,1993,48(3):831-880.
[6]La Porta,R,Lopez-de-Silanes,F,Shleifer,A,and Vishny,Robert W.Lawandfinance[J].Journal of Political Economy,1998,106(6):1 113-1 155.
[7]La Porta,R,Lopez-de-Silanes,F,Shleifer,A,and Vishny,Robert W.Investor protection and corporate valuation[J].TheJournal of Finance,2002,57(3):1 147-1 170.
[8]La Porta,R,Lopez-de-Silanes,F,and Shleifer,A.The economic consequences of legal origins[J].Journal of Economic Litera-ture,2008,46(2):285-332.
[9]Pistor,K,Raiser,M,and Gelfer,S.Lawandfinanceintransition economies[J].The Economics of Transition,2000,8(2):325-368.
[10]Burkart,M,and Panunzi,F.Agency conflicts,ownership concentration and legal shareholder protection[J].Journal of Finan-cial Intermediation,2006,15(1):1-31.
[11]Stepanov,S.Shareholder protection and outside blockholders:Substitutes or complements-[EB/OL].CEFIR and NES Work-ing Paper.Available at:http://www.nes.ru/～sstepanov/Research%5CWorking/law%20and%20blockholders_sept05.pdf,2004.
[12]Maury,B,and Pajuste,A.Multiple large shareholders and firmvalue[J].Journal of Banking and Finance,2005,29(7):1 813-1 834.
[13]Bennedsen,M,and Nielsen,K M.The principle of proportional ownership,investor protection and firmvalue in Western Eu-rope[EB/OL].ECGI,Finance Working Paper.Available at:http://www.eu-financial-system.org/fileadmin/content/Dokumente_E-vents/seventh_conference/Meisner_Nielsen.pdf,2006.
[14]Ki m,K A,Kitsabunnarat,P,and Nofsinger,J R.Shareholder protection laws and corporate boards:Evidence from Europe[EB/OL].Working Paper.Available at:http://wintersd.ba.ttu.edu/Seminar%20Papers/Law%20and%20Corporate%20Governance.pdf,2005.
[15]Bolton,P,Scheinkman,J,and Xiong,Wei.Executive compensation and short-termist behavior in speculative markets[J].Re-viewof Economic Studies,2006,73(3):577-610.
[16]Goldman,E,and Slezak,S L.An equilibrium model of incentive contractsinthe presence of information manipulation[J].Jour-nal of Financial Economics,2006,80(3):603-626.
[17]Zheng,Z,Chen,C,and Sun,Y.Legal investor protection,corporate governance andtheincreasingtrend of executive compen-sations:Evidence from China[EB/OL].Working Paper of People’s University of China.Available at:http://www.wise.xmu.edu.cn/youth-forum2008,2008.
[18]Muslu,V.Executive directors,pay disclosures andincentive compensationin Europe[EB/OL].Working Paper of the Universityof Texas at Dallas.Available at:http://www.utdallas.edu/～vxm058000/Incentive%20Based%20Pay%20Version%2014.pdf,2009.
[19]Aggarwal,R,Erel,Isil,Stulz,R,and Williamson,Rohan.Differences in governance practices between U.S.and foreignfirms:Measurement,causes,and consequences[J].Reviewof Financial Studies,2009,22(8):3 131-3 169.
[20]Klapper,L F,and Love,Inessa.Corporate governance,investor protection,and performance in emerging[EB/OL].Journal ofCorporate Finance,2004,10(5):703-728.
引用本文
张曦, 周方召. 投资者法律保护与公司治理交互作用及其对公司绩效影响研究述评[J]. 外国经济与管理, 2010, 32(9): 45–51.
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