淺述德國的公司治理結(jié)構(gòu)-資料下載頁
2025-06-17 19:10本頁面
【正文】 地受管理層控制。所有這些均不利于股票市場在公司治理方面發(fā)揮作用。但是，近年來德國公司在境外（尤其是在美國）上市的趨勢不斷增強（據(jù)DeutscheBorse，1996年德國境外上市公司139家）。從公司控制的角度看，與英美相比，企業(yè)并購在德國數(shù)量較少，而敵意收購直到最近都是忽略不計的。據(jù)Franks和Mayer統(tǒng)計，英國80年代中期的兩年中，有過35次成功的敵意收購，而德國在1945至1994年的半個世紀中，僅有3次（Franks and Mayers，1992，1997）。因為德國復(fù)雜的股權(quán)結(jié)構(gòu)、代理投票機制、獨特的雙層委員會制度以及相關(guān)法律的缺乏都阻礙了這一市場的形成。【參考文獻】 ,E.(1999), Corporate Governance in Germany:Institutional Background and Empirical Results, HumboldtUniversity Berlin,mimeo. ,J.,and (1997), How is Investment Financed? A Study of Germany,Japan, the United Kingdomand the united States,Manchester School of Economic and Social Studies,65,Supplement . ,.(1998), Capital Markets and Corporate Governance in Japan,Germany and the United States,Organizational Responses to Market Insfficiencies (London and New York). ,J.,and (1994),banks, Finance and Investment in Germany,Cambridge University Press. ,J.,and M. Nibler(2000), Corporate Governance: Banks verse Ownership Concentration in Germany,Economic Policy,Oct. ,G.,and F. Schmidt(2000), Universal Banking and the Performance of German Firms,Journal of FinancialEconmics,58. ,M.(1991), Banking,Financial Intermediation and Corporate Finance,in A. Giovannini and C. Mayer(eds.),European Financial Integration,Cambridge University Press. and Ferry International(1996), Board Meeting in Session,European Board of Directors Study. ,M(1995),Bank Control and Corporate Performance in Germany: the Evidence,WP ,St. John39。sCollege Cambridge. 39。Sullivan, M(1998), the Political Economy of Corporate Governance in Germany,INSEAD andCenter for Industrial Competitiveness,University of Massachusetts Lowell. ,S.(1998),A Survey of German Corporate Governance,in Comparative Corporate Governance,the Stateof the Art and Emerging Research,ed by ,etc.,Clarenden Press,Oxford. ,A.,and (1996),A Survey of Corporate Governance,NBER Working Paper,4. ,.(1997),Corporate governance in Germany,BadenBaden. Wildt(1996),CEO Turnover and Corporate Performance:The German Case,Dissertation,University of Kiel
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