股东的异质性对传统公司治理理论的挑战

公司治理日益成为全球市场经济国家共同面对的问题，在西方发达国家逐渐成为企业理论的一个核心问题。以管理者理论和代理理论为代表的传统公司治理理论虽然成果显著，但却存在一个主要的缺陷：忽略了股东的异质性。传统公司治理理论只关注了所有者和经营者之间存在的利益冲突，而忽略了所有者之间可能的利益冲突。与此相适应，传统公司治理理论只注重对经营者机会主义行为或道德风险行为的研究，而舍弃了对所有者机会主义行为的研究。而在我国的上市公司，因股东异质性导致的股东之间利益冲突表现得非常突出。股东的异质性为不同股东之间的利益冲突提供了分析的平台。

Challenge to Theory of Traditional Corporate Governance by Shareholder's Heterogeneity

Corporate governance becomes a problem faced by all the countries which carry out market economy and becomes a core problem in the western developed countries. Though the traditional theory of corporate governance has some achievements, it has a main defect-negligence of shareholder's heterogeneity. The traditional theory of corporate governance just pays close attention to the interest conflicts between shareholders and managers while neglecting research of the shareholder's opportunist behavior. In the li...