【正文】 經(jīng)營績效的提高。公司治理結(jié)構會對公司外部的勞動力市場、資本市場、產(chǎn)品市場、技術市場、國際化和國家制度的影響作出反應。 公司治理機制：公司治理機制（或手段）是用來對高級管理人員施壓，以使他們有效地配置資源，為股東與利益相關者服務的各種措施，它包括股東大會、董事會、報酬計劃、持股權合約、勞動力市場、公司控制權市場、破產(chǎn)機制等。比如，系統(tǒng)中的主導力量是誰？保護投資者權益的法制與人文環(huán)境如何？激勵機制采取何種形式？等等。 公司治理模式：由于歷史、文化與具體制度環(huán)境的差異，導致了各國的公司治理系統(tǒng)有所區(qū)別。 公司治理系統(tǒng)：公司治理系統(tǒng)由以下兩部分組成，（1）一套定義股東、經(jīng)理人員、債權人、政府和其他利益相關者之間關系的游戲規(guī)則（比如對他們各自權利與責任的界定）；（2）一套有助于直接或間接執(zhí)行這些規(guī)則的機制。而且隨著對公司治理的進一步深入研究，還會賦予公司治理以新的含義。⑥ 從國內(nèi)外學者的論述中可以看出，對于公司治理可以從各種角度去理解。公司治理機制包括激勵機制、約束機制及決策機制，這些機制發(fā)揮作用的前提是存在合理的公司治理結(jié)構。⑤ 李維安等（2001）認為，公司治理是一個由主體和客體、邊界和范圍、機制和功能、結(jié)構和形式等諸多因素構成的體系。④ 張維迎（1999）認為，公司治理結(jié)構就是這樣一種解決股份公司內(nèi)部各種代理問題的機制。梅耶教授的《市場經(jīng)濟和過度經(jīng)濟的企業(yè)治理機制》一文）；根據(jù)公司治理理論基礎的定義（比如管家理論、代理理論、產(chǎn)權理論）；根據(jù)公司治理基本問題的定義（比如菲利普和史蒂文在1988年發(fā)表的《公司治理——文獻回顧》一文）；根據(jù)公司潛在沖突的定義等等。③費方域（1996）對公司治理的含義進行了詳盡論述，其觀點也被廣泛引用。公司治理結(jié)構包括：如何配置和行使控制權；如何監(jiān)督和評價董事會、經(jīng)理人員和員工；如何設計和實施激勵機制等。通過這一結(jié)構，所有者將自己的資產(chǎn)交由公司董事會托管；公司董事會是公司的最高決策機構，擁有對高級經(jīng)理人員的聘用、獎懲以及解雇權；高級經(jīng)理人員受雇于董事會，組成在董事會領導下的執(zhí)行機構，在董事會的授權范圍內(nèi)經(jīng)營企業(yè)?！眳蔷喘I（1994）在《現(xiàn)代公司與企業(yè)改革》一書中指出：“所謂公司治理結(jié)構，是指由所有者、董事會和高級執(zhí)行人員即高級經(jīng)理人員三者組成的一種組織結(jié)構。 在西方國家較有影響的英國卡伯里委員會（Cadbury Committee）主席卡伯里爵士（Sir Cadbury，1993）認為，公司治理是一個指導和控制公司的制度或過程。 經(jīng)濟合作與發(fā)展組織（OECD）（1999）在其相關文件中認為，公司治理是一種對工商業(yè)公司進行管理和控制的體系。維什尼（Robert Vishny）于1997年發(fā)表的《公司治理調(diào)查》中總結(jié)到：“公司治理主要是解決確保企業(yè)的資金供應者能夠得到其投資收益的問題?！雹? 安德烈 科克倫（Phlip ）和沃特克（Steven ）在1988年發(fā)表的《公司治理——文獻回顧》一文中指出：“公司治理問題包括在高級管理層、股東、董事會和其他的利益相關者的相互作用中產(chǎn)生的具體問題。施雷佛（Andrei Shleifer）和羅伯特第一篇文章是科克倫（Phlip ）和沃特克（Steven ）在1988年發(fā)表的《公司治理——文獻回顧》。 benefits and pany administering efficiency. As for the study of the cause of pany administration, the author points out the springup of the institution investors, the enhanced sense of participation among the stockholders, the unprecedented largescale pany frauds and bankruptcies, the dissatisfaction of the stockholders and society as a whole caused by the big ine rise of the managerial staffs, the problem of “being controlled by the innercircle” propped up in the economic shiftover and the losses suffered by those with interests connected to pany annexations as economic internationalization and liberalization develops. It is the abovementioned phenomena that give rise to the study of pany administration theory. Finally, the paper presented the three basic theories of pany administration, that is, the theory of financing mode, the theory of market myopia, and the theory of relevant benefit.Part TwoThe theory of capital structure is explained by the author here. From the MM theorem of the 50s in the 20th century to the theory of balance of the 70s, and further to the introduction of the theory of nonsymmetric information, the view in the field of capital structure study has been greatly broadened. The capital structure theory shows that the financing of a pany is closed linked with the mechanism of the legal entity. Debts and stock rights should not only be regarded as a substitutable financing tool, but also as a replaceable administer structure. An effective capital structure is the prerequisite for the forming of an effective legal entity administering structure. The choice of financing methods decides the capital structure of an enterprise, thus effecting the pany’s administering structure and market value in the end. Therefore, while laying out capital structure, an enterprise should not only concern its capital cost, lever ratio, taxation impact or financial operation effect, but also arrange its capital formation from the angle of pany administration. Part threeIn this part, by analyzing the relations between pany administration and capital structure and paring the administering pattern of foreign panies, the author gives out an effective model to administer a pany. Therefore, provides a reference for our country to actively draw on the successful experiences of the pany administration structure of the advanced Western countries and draw up a pany administering structure pattern suitable for China’s special situation.Corporation administration has a direct bearing on capital structure and vice versa. Within the established system framework, capital structure is the basis for corporation administration and the corporation administering structure is the reflection of capital structure. The selection of corporation administering pattern and degree of corporation administering efficiency depend largely on the selection of capital structure. However, capital structure is again influenced by financing methods and financing methods are influenced by external monitory conditions, policies and markets.Capital structure is the most important part in corporation administering structure. It can coordinate the interests and behavior between the investors and business operators as well as between the investors’ internal shareholders and creditors through administering effects of the stock and credit rights. First of all, the author analyses the relations between debts incurring and corporation administering mechanism of encouragement and restraints. Being in debt can encourage the operators to work harder, live simpler and make better investment decisions, thus lowering the cost of attorney resulted from the separation of ownership and the right of control. It can also restrain the operators from random usage of money, thus constraining the acts of over investment and blind expansion, which can also reduce the attorney cost to some extend. Secondly, in accordance with the two characters of the stockownership structure, the author analyses the impacts of shareholder identity and the degree of concentration of stockownership on corporation administering effect. And the result drawn from this analysis is that an appropriate concentration of stockholders’ right and a clear identity of stockowners are conditions for a stockownership structure that produces sound effects in corporation administration. Meanwhile, the author has e to the same conclusion in the study of static structure of stockownership and corporation business records from the angle of factual proof, . a stockownershi