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中国管理科学

中国管理科学 ›› 2008, Vol. 16 ›› Issue (3): 164-172.

• 论文 • 上一篇    下一篇

基于博弈论的均衡股权结构治理模型研究

党文娟1, 张宗益2, 吴俊2   

  1. 1. 四川外语学院国际商学院, 重庆400030;
    2. 重庆大学经济与工商管理学院, 重庆
  • 收稿日期:2007-09-17 修回日期:2008-05-25 出版日期:2008-06-30 发布日期:2008-06-30
  • 作者简介:党文娟(1972- ),女(汉族),陕西人,四川外语学院国际商学院讲师,研究方向:公司治理、公司战略.
  • 基金资助:

    国家自然科学基金杰出青年基金项目(70525005);教育部人文社会科学研究项目(03JD630011)

A Research on Corporate Governance Model of Multi-Large Shareholders Based on Game Theory

DANG Wen-juan1, ZHANG Zong-yi2, WU Jun2   

  1. 1. School of International Business, Sichuan International Studies University, Chongqing 400031, China;
    2. School of Economies and Business Administration, Chongqing university, Chongqing 400040, China
  • Received:2007-09-17 Revised:2008-05-25 Online:2008-06-30 Published:2008-06-30

PDF (PC)

1002

被引次数

23

摘要： 在中国上市公司股权集中度比较高的前提条件下,人们认为国有股"一股独大"的集中股权结构是治理问题存在的根源,建立均衡的股权结构有利于改善公司治理。本文引入多个大股东均衡治理模型,进行完全信息动态博弈的建模和分析,分析的结论是:在目前的公司治理环境、传统文化背景条件下,均衡的股权结构的治理模式未必优于"一股独大"股权结构治理模式。治理结果取决于大股东之间相互博弈过程中的策略选择,而这些股东之间的策略选择与公司治理环境、传统文化、价值观等有关。最后文章在理论分析的基础上给出了一些结论和建议。

关键词: 股权结构, 公司治理, 均衡治理

Abstract: Under the high concentration degree of stockholders rights,the State-owned stock "a dominant shareholder" is the basic reason of corporate governance,establishesing "several equal-sized shareholders" structure would be advantageous to the improve the corporate governance.This article introduc's many major stockholders model,carries on complete information dynamic game,and obtains the conclusion: "several equal-sized shareholders" structure governance is not the quite ideal governance pattern,at present "a dominant shareholder" governance pattern surpasses the "several equal-sized shareholders" government pattern,the government result is not only the result of these major stockholder s mutual gambling process,but also the result of shareholdefs cultural values.In the final,some conclusions and the suggestions based on the theoretical analysis are given.

Key words: ownership structure, corporate governance, several equal-sized shareholders governance

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