公司治理与公司风险控制

论文编号：

公司治理与公司风险控制

张晓琦

中国政法大学研究生

二〇一三年三月

公司治理与公司风险控制

摘 要 在公司治理中，公司运作中风险的监控长久以来一直被认为公司治理问题中的关键一环，尤其是在金融危机发生以后，风险监控更加受到了重视。近年来，中国的公司治理改革也紧跟世界潮流。这篇论文以比较视角分析了中国的公司治理与公司的风险控制。本文研究了中国监管机构所采用的公司治理的手段，以及公司是如何通过公司内部的治理更加有效的对公司的风险进行管理。

近年来，中国企业风险管理(ERM)和内部控制的指导方针反映了国际上的普遍的公司治理标准,同时，我国在风险监督方面采取了更加广泛的视野：既包括金融风险也包括非金融风险。我国采用的这种国际模式为重新审视学界长期所讨论的全球公司治理的趋同的可能性提供了契机。本文的观点是,我国所采取的内部风险监管方法既符合了我国的法律改革的历史轨迹，同时也符合了我国以国有经济为主导的经济体制和我国公权力对公司治理的进行长期的调控。本文的结论是支持我国路径依赖的公司治理体制，在比较法视野下，我国的公司治理改革的实质是形式上的融合和功能上的分化。本文的第一章基于代理理论分析了公司治理的内涵以及公司的企业风险控制的概念，第二章介绍和分析了欧洲和美国的公司治理和风险控制，第三章介绍和分析了中国的公司治理和风险控制规则，第四章从形式和功能角度对中国的公司治理和风险控制进行了评价。

关键词：公司治理 公司风险控制 代理理论

CORPORATE GOVERNANCE AND

CORPORATION RISK MNAGEMENT

ABSTRACT

Risk management and oversight have long been recognized as core corporate governance issues and have gained renewed attention in the wake of the financial crisis. Recent corporate governance reforms in China follow these global trends. This article is the first to examine the intersections between corporate governance and risk regulation in China from a comparative perspective. It surveys corporate governance tools that have been adopted by Chinese regulators and firms to motivate effective risk oversight and risk management across the corporate enterprise, focusing on China's regulation of internal controls and risk management systems. These internal mechanisms are particularly important given the widely recognized limits of external monitoring and enforcement mechanisms in China.

This article observes that recent guidelines on enterprise risk management (ERM) and internal controls reflect international corporate governance standards and that China adopts a broad perspective on risk oversight that extends to both financial and non-financial risks. China's adoption of international models offers a new opportunity to reexamine longstanding debates on the potential for global corporate governance convergence. This article argues that China has adopted a regulatory approach to internal risk oversight and management that is consistent with its historical law reform trajectory, the reality of China's state-dominated equity markets, and the continued influence of the state on firm management. Its conclusions support the literature on the path dependency

Abstract of corporate governance systems and prior comparative studies of corporate governance in China that find convergence of form but divergence of function.

KEY WORDS:corporate governance risk management agency theory