Jon Krause

全球治理标准的虚假承诺

    剑桥-在去年的全球金融危机过后,人们现在普遍认识到,对投资者保护的不足不仅会极大地影响股票市场和经济的发展,也会对单个公司的表现产生很大的影响。人们对改善公司治理日益增多的关注,已经需要世界上有评估全球上市公司治理的可靠标准了。世界银行官员、股东顾问以及金融经济学家都对发展这样的标准,作出了重要的努力。

    因为投资者和上市公司都在日益一体化的全球资本市场上进行活动,所以,主张对全球上市公司治理的评估实行单一的一套标准的观点,无疑是很吸引人的。但是,追求单一的一套全球治理标准却是具有误导性的。

    是的,在过去十年里,人们越来越多地使用全球治理标准——这些标准主要是在美国发展起来的——来评估世界各国和公司是怎样保护小投资者利益的。但是,这些努力忽略了拥有一个控股股东的股权受控公司(controlled companies)和没有这样的控股股东的股权分散的公司间的根本差异。虽然股权分散的公司在美国和英国的资本市场上占主导地位,但是,在其他大部分国家里,占主导地位的却是股权受控的公司。

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