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金融危机对现有公司治理理论提出了挑战,应对这一挑战需要从企业理论层面进行反思。本文梳理了企业理论的演进历程,指出企业性质中的创新性,认为动态企业理论更好地揭示了企业的创新本质,为公司治理理论的发展提供了有益启示。现有公司治理理论包括股东理论和利益相关者理论,前者以新古典企业理论和委托一代理理论为基础,后者以不完全契约理论为基础。笔者认为,公司治理作为企业运行的基本制度,应立足于企业的创新本质,以促进企业创新和价值创造为导向。与动态企业理论相对应,本文提出动态公司治理的理念,认为公司治理应随企业内外部条件变化而适时调整,通过促进创新来提高企业价值,从而实现股东和利益相关者的利益。动态公司治理在静态时即结构性公司治理,即不同类型的企业应执行不同的治理实践,在合规性和灵活性之间保持平衡。
The financial crisis poses a challenge to the existing corporate governance theory. To deal with this challenge, we need to reflect on the theoretical level of the company. This paper sorts out the evolution of enterprise theory, points out the innovation in the nature of the enterprise, and believes that the dynamic enterprise theory better reveals the innovative nature of the enterprise and provides useful inspiration for the development of corporate governance theory. The existing corporate governance theory includes the shareholder theory and the stakeholder theory. The former is based on the neoclassical enterprise theory and the principal-agent theory, and the latter is based on the incomplete contract theory. The author believes that corporate governance, as the basic system for the operation of enterprises, should be based on the nature of innovation of enterprises and promote the innovation of enterprises and the creation of value-oriented. Corresponding to the dynamic enterprise theory, this paper puts forward the concept of dynamic corporate governance, and believes that corporate governance should be adjusted in time with the changes in internal and external conditions of the company, and promote the innovation to improve the value of the company so as to realize the interests of shareholders and stakeholders. Dynamic corporate governance is structural corporate governance in the static state, that is, different types of companies should implement different governance practices and maintain a balance between compliance and flexibility.