| 广信公司悲剧探源:基于治理结构的分析 |
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| 引用本文： | 徐光东.广信公司悲剧探源:基于治理结构的分析[J].中国软科学,2004(2):86-91. |
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| 作者姓名： | 徐光东 |
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| 作者单位： | 中国社会科学院,研究生院,北京,100102 |
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| 摘 要： | 本论文运用治理结构的有关理论,对广信公司的悲剧进行了分析,指出广信公司具有转轨过程中国有企业的治理特征,即行政干预下的内部人控制。行政干预有助于广信的生存和发展,也导致了金融资源的低效配置;通过将风险外部化,内部人追求控制权收益的努力导致了企业规模的扩张和业务的多元化。这种治理结构的结果是风险的积累和资产状况的恶化,并最终将广信公司推向了破产。
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| 关 键 词： | 广信 治理结构 |
| 文章编号： | 1002-9753(2004)02-0086-06 |
| 修稿时间： | 2003年10月22 |
Inquiry into the Tragedy of GITIC:An Analysis Based on Corporate Governance |
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| XU Guang-dong.Inquiry into the Tragedy of GITIC:An Analysis Based on Corporate Governance[J].China Soft Science,2004(2):86-91. |
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| Authors: | XU Guang-dong |
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| Abstract: | Employing the theory of corporate governance, this paper analyzes the tragedy of GITIC, indicates that GITIC possessed the character of corporate governance of SOEs in transition, by which the author means insider control under executive intervention. Executive intervention contributed to the survival and development of GITIC, whereas it induced inefficient allocation of financial resources; the efforts of insider to seek for benefit from rights of control generated expansion of enterprise and diversification of business by externalizing risks. This corporate governance resulted in accumulation of risks and deterioration of assets, which eventually led to the bankruptcy of GITIC. |
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| Keywords: | GITIC corporate governance |
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