从股东会中心主义到董事会中心主义_现代公司法人治理结构的发展与变化

,(,100872):,,,:;;:D922.291.91:A:1000-2154(2008)01-0074-06:2007-06-01:(1982-),,,,;(1980-),,,,,,2030,,,,20,,,,,,,,,,,,,,,,1195No.1Vol.19520081JOURNALOFBUSINESSECONOMICSJan.2008,,,,,,,,,,,:,,,,20,,,,,,,,,,,:,,,,,,,,[1],,,,,,,,,,,,,,,,,,,,571,:,,,,,,,,,20,,,1937,,1191,;2:,,,,[2]98:,,2002,,[3],,:,,,,,,,,,,[4],,,,,,,,,,,,,,,,,,,,,,,672008(),,2005,,,,,,,,,,[5],,,,,,,,,,,(),,,,,,,,,,(),,,[6],,,,,,,,,(),,771,:,,,,,,,,,[7],,,,,,,,,,,,[8](),,,,,,,,,,,;,14:,[9],,,:[1],.[M].:,2004:87.[2].[M]PP..:,2005:320.[3].:[M]PP..:,2006:51.[4]A.:[M]PPS,D..,.:,2005:116.[5].[JPOL].(2006-11-28)[2007-01-28].http:PP=29733.[6],.[M].,,,.:,2005:95.[7],.[M]PP..:,872008,:9325;2263;23:MBCA8.01;Del.GCL141(a)2006:121.[8].[M].:,2003:32-36.[9][M].,.:,2000:116.FromtheShareholdersMeeting-CenteredStructuretotheBoardofAdministrationCenteredStructureDevelopmentandChangeofModernCorporateGovernanceYEMin,ZHOUJun-peng(LawSchool,RenminUniversityofChina,Beijing100872,China)Abstract:Inthetraditionalcorporategovernancestructure,theboardofadministrationisviewedasthesub-structureoftheshareholdersmeeting.However,thedeficiencyoftheshareholder-centeredcorporategovernancehasmanifestedduetothedevelopmentofsocialeconomy.Thetrendofmoderncorporationlawisthetransferofcorporateauthoritycenterfromtheshareholdersmeetingtotheboard,asthelatterismoreprofessionalandefficient.Thistrendhasenlightenedtheresearchersandlegislatorsthattheemphasesofcorporatesupervisionshouldbemodulatedaccordingly,andtheconnotationandresponsibilitiesofdirectorsshouldbeextendedproperly.Keywords:thecorporategovernancestructure;theshareholdersmeeting-centeredstructure;thedirectorboard-centeredstructure()(73)[4].[J].,2004(2):122.[5].[J].,2004(6):40.[6],,.[J].,2004(4):48.[7].[J].,2005(7):55.[8].[J].,2005(6):48.[9].[J].,2005(9):51.[10],.[J].,2004(8):40.[11].[J].,2006(5):145.[12].[J].,2005(10):130.[13].[J].,2006(12):17.OnPerfectingSponsorsResponsibilityinSecuritiesIssuingandListingLIYou-xing,XUXiao-qiong(LawSchool,ZhejiangUniversity,Hangzhou310028,China)Abstract:Thesponsor,calledthefirstgoalkeeperinsecuritiesmarket,isunderlegalobligationtoguaranteethetruthofsecuritiesinformation.Asponsortakesonaheavyresponsibilitybecauseitsutteranceistheimportantreferencethataffectsinvestors.AccordingtoChinascurrentsponsorsystem,inthecauseofsecuritiesissuingandlisting,thesponsorisresponsiblefortutoring,investigating,nominatingcompany,etc..However,therearesomeshortcomingsinsponsorsystemsuchasover-heavysponsorsresponsibility,unreasonabledefinitionofsponsorresponsibility,etc..BasedonreferringandanalyzingrelevantregulationsonsponsorsresponsibilitiesintheU.KandHongkong,thearticletriestoputforwardsuggestionsonimprovingcountryssystem,ofsponsorsresponsibility.Keywords:sponsor;sponsorsresponsibility;one-sponsorsystem()971,: