| 转轨经济中的金融企业治理:一个分析框架 |
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| 引用本文： | 连建辉,咸适.转轨经济中的金融企业治理:一个分析框架[J].福建师大福清分校学报,2006(6):31-39. |
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| 作者姓名： | 连建辉 咸适 |
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| 作者单位： | 1. 招商银行办公室,深圳,518040
2. 招商银行总行离岸部 |
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| 基金项目： | 本文获首届中国银监会系统金融青年论坛一等奖. |
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| 摘 要： | 金融企业是一种风险配置契约,具有典型的高风险、高信息不对称、高财务杠杆以及高外部性等特征,由此决定了金融企业治理的双重目标——既要追求企业价值最大化又要实现安全运营进而维护金融稳定,也决定了金融企业治理机制的多元化:第一,资本所有者在金融企业所有权安排中居于主导地位,资本产权的充分行使是改进金融企业治理效率的首要条件;第二,产权机制的内在缺陷需要引入竞争机制来加以弥补,一个竞争性市场体系的存在,对约束金融家机会主义行为、提高风险配置效率具有重要作用;第三,监管是金融企业一种特殊的治理结构,监管在表面上是对金融企业实施管制的一种外部行政行为,实质是金融企业内生性的外部治理手段。监管是一种状态相机的控制。本文的基本结论是:完善中国金融企业治理制度,需要立足于金融企业契约的风险配置性质,构建多元化的治理机制,在产权、竞争、监管等方面多管齐下,统筹兼顾,整体推进。
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| 关 键 词： | 金融企业 治理 风险配置 产权 竞争 监管 |
| 文章编号： | 1008-3421（2006）06-0031-09 |
| 收稿时间： | 2005-10-20 |
| 修稿时间： | 2005年10月20 |
A analytical frame of financial enterprise' governance in the economy in transition |
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| LIAN Jianhui,XIAN Shi.A analytical frame of financial enterprise'''' governance in the economy in transition[J].Journal of Fuqing Branch of Fujian Normal University,2006(6):31-39. |
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| Authors: | LIAN Jianhui XIAN Shi |
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| Abstract: | The reason is that financial enterprise is a contract of risk disposition and it has the attribute of high typical risk high financial lever etc.these attributes lead to the fact that financial enterprise has double objects of seeking maximum profit and stabilizing finance in order to realize safe management.At the same time,these attributes also lead to multiple governance system of financial enterprise.Firstly,capital owner is in the main position among the management of financial enterprise' ownership,fully exercise capital property is the chief condition of promoting financial enterprise' efficiency;Secondly,internal defect of property system needs introducing competitive system which will remedy the shortage.Thirdly,supervisory management is a special governance structure,its essence is that it is a external governance methods of financial enterprise.In a conclusion,base on the fact that contract of financial enterprise has the attribute of risk disposition,we should set up various governance system including property.competition and supervisory management.And these measures will be useful to improve governance system of Chinese financial enterprise. |
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| Keywords: | Financial Enterprise Governance Risk disposition Property Competition Supervisory Management |
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