交叉持股对公司治理之影响

2004663-8320016420046CorporateGovernance1()OECD2OrganisationforEconomicCo-operationandDevelopmentOECD1200072OECD’rights.II.TheEquitableTreatmentofShareholdersThecorporategovernanceframeworkshouldensuretheequitabletreatmentofallshareholders,includingminorityandforeignshareholders.Allshareholdersshouldhavetheopportunitytoobtaineffectiveredressforviolationtheirrights.III.TheRoleofStakeholdersinCorporateGovernanceThecorporategovernanceframeworkshouldrecognizetherightsofstakeholdersasestablishedbylawandencourageactiveco-operationbetweencorporationsandstakeholdersincreatingwealth,jobs,andthesustainabilityoffinanciallysoundenterprises.IV.DisclosureandTransparencyThecorporategovernanceframeworkshouldensurethattimelyandaccuratedisclosureismadeonallmaterialmattersregardingthecorporation,includingthefinancialsituation,performance,ownership,andgovernanceofcompany.V.TheResponsibilitiesoftheBoardThecorporategovernanceframeworkshouldensurethestrategicguidanceofthecompany,theeffectivemonitoringofmanagementbytheboard,andtheboard’saccountabilitytothecompanyandtheshareholders.4662004651621235SeeFrankH.EasterbrookDanielR.Fischel,TheEconomicStructureofCorporateLaw,at12HarvardUniversityPress1991.6674787183-1952003158179-1836820046910119SeeMichaelC.JensenWilliamH.Meckling,TheoryoftheFirm:ManagerialBehavior,AgencyCosts,andOwnershipStructure,3J.Fin.Econ.3051976.RichardA.PosnerKennethE.Scott,EconomicsofCorporationLawandSecuritiesRegulation,at40Litter,BrownandCompany1980.102003866551051097102021420503115033ttp://’s200121617()18142003.03.194152002.11.044167227-236171999218-23vs.20011201-2471999121-81999289-9820033105-16618171971()1920()21221917211212248990202002.11.212002.11.2122119221999379-817220046()2324()25()26ABABAA2723192417131251721321426200052027ABBABABBABABBABAABAB7328ABABABABAB()ABABBABBAABAB29()30312820009282929199461-692000280302001.11.14167343186876625717132-1417420046()32()20011011333435322845-53265-715731-353319999191099.9505268.5621999.10.131999.10.21341735753637()382001101136()4243444540414243200211344WechselseitigbeteiligteUnternehmen451787820046WechselseitigbeteiligteUnternehmen46()467947484947722897119128714141993293198010921961651984278199112420021122348491995.011011122000.113417938020046()()5051502003.09.0482003.09.0666512000102710811.FrankH.EasterbrookDanielR.Fischel,TheEconomicStructureofCorporateLawHarvardUniversityPress19912.RichardA.PosnerKennethE.Scott,EconomicsofCorporationLawandSecuritiesRegulationLitter,BrownandCompany19803.200214.20035.19846.20021182200467.19918.19619.199310.2000511.19801012.1995113.19941.MichaelC.JensenWilliamH.Meckling,TheoryoftheFirm:ManagerialBehavior,AgencyCosts,andOwnershipStructure,3J.Fin.Econ.30519762.20033105-1663./200112111-1414.—1999379-885.200091-706.2000111-497.1999121-88.11199174-249.20007159-20810.vs.20011201-2478311.1999218-2312.19981231-3513.1999289-9814.2000279-871.200010271.7119122.722893.8714141.2002.11.0442.2002.11.2133.2002.11.2844.2003.03.1945.2003.09.0486.2003.09.06667.2002.11.21228.1999.10.139.1999.10.211.OECD://://