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公司治理中对国家力量介入的需求具有内生性。具体体现在两点:一是公司治理的核心问题不仅仅是所有权和控制权分离后,股东(所有者)基于保护自身权益而展开的监控公司高管(日常事务实际控制者)行为的一个理性博弈和制度架构问题,更是如何克服公司运营过程中效率的降低和成本的增加问题;二是公司治理实践中公司自治表现出一定不足,尤其是“组织成本”或者说官僚成本的存在,以及外部性问题,需要外在力量——国家力量的介入。
The need for intervention of state power in corporate governance is endogenous. The concrete manifestation is two points: First, the core issue of corporate governance is not only the rationality of the behaviors of the shareholders (the owners) who supervise the company executives (the actual controllers of daily affairs) based on the protection of their own rights after the separation of ownership and control The problem of game and system structure is how to overcome the decrease of efficiency and increase of cost in the process of company operation; second, the corporate autonomy shows some deficiencies in corporate governance practice, especially the existence of “organizational cost” or bureaucratic cost , And externalities, require external forces - the involvement of state power.