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siness initiation and development ? the business legal forms ? the business management characters selfemployed business partnership business stock cooperative business unlimited pany limited pany limited liability pany股份有限公司 limited liability pany? 股份制是三權(quán)分離而不是兩權(quán)分離 separation of the executive, proprietorial and supervisory powers ? 企業(yè)實物資產(chǎn)與價值資產(chǎn)相分離 separation of physical assets and asset value? 有限責(zé)任制度 limited liability? 產(chǎn)權(quán)市場化、商品化、貨幣化、證券化 marketization, mercialization, moization and securitization of the property right? 股份制企業(yè)是一種社會企業(yè)? Social pany? 現(xiàn)代公司制度是專家管理制度 expert management system ? 現(xiàn)代公司是大型的、綜合化與國際化經(jīng)營的企業(yè) bigscale, integrated and international corporation公司治理corporate governance Definition of the Corporate governance 現(xiàn)代公司有兩個顯著特點,一是法人財產(chǎn)制度;二是法人治理結(jié)構(gòu)。公司治理結(jié)構(gòu)應(yīng)包括:如何配置和行使控制權(quán);如何監(jiān)督和評價董事會、經(jīng)理人員和職工;如何設(shè)計和實施激勵機制。3) 其他激勵與約束4) 年薪制 annual pay 崗位工資 status wage 市場 market 公司治理corporate governance價格(元)收益股價走勢 1 行權(quán)價股價走勢 2授予認股權(quán) 行權(quán) 出售 時間 股票期權(quán)激勵原理公司治理corporate governance公司治理corporate governance公司治理corporate governanceMajor problems existing in corporate governance of China’s enterprises 1) 我國國有企業(yè)和公司制企業(yè)尚未建立完善的法人治理結(jié)構(gòu) 2) 產(chǎn)權(quán)過份集中、決策政企合一 3) 代理成本過高、代理效率低下 4) “內(nèi)部人控制 ”嚴重,法人治理結(jié)構(gòu)失衡 5) 董事會的產(chǎn)生與運作不規(guī)范 6) 企業(yè)家階層形成存在體制障礙解決的路徑選擇: ways out 產(chǎn)權(quán)制度改革是完善我國公司治理結(jié)構(gòu)的有效前提 完善我國現(xiàn)代公司治理結(jié)構(gòu)中的董事會制 建立有效的激勵與約束機制 建立和健全公司治理結(jié)構(gòu)中的職工參與管理制度Your Main Topic Goes Here? Your subtopic goes hereBackdrops: These are full sized backdrops, just scale them up! Can be CopyPasted out of Templates for use anywhere!Title Backdrop Slide Backdrop Print Backdrop演講完畢,謝謝觀看!。Who does the corporate serve for and is controlled by?How to share profits and assign risks among stakeholders?How to anize the corporate leadership and have it makeright decisions? 經(jīng)理層利益機制和經(jīng)理人管理能力The incentive issue and the petency issue公司治理corporate governance1)權(quán)力制衡和決策科學(xué) —— 觀念的轉(zhuǎn)變 checks and balances and scientific decisionmaking 傳統(tǒng)的公司治理結(jié)構(gòu),要通過建立既分權(quán)又相互制衡的制度來降低代理成本和代理風(fēng)險,防止經(jīng)營者對所有者的利益背離。具體說它是由股東會、董事會、監(jiān)事會和高層經(jīng)理人員組成的一種企業(yè)組織結(jié)構(gòu)。 由兩個以上的自然人聯(lián)合組成 invested by more than two natural persons 以合伙協(xié)議為聯(lián)合的法律基礎(chǔ) the partnership agreement is the legal basis of cooperation