债权人在公司治理中的作用及其作用机制分析

利用融资结构理论和利益相关者理论分析了债权人在公司治理中的作用及其作用机制.从融资结构理论方面来说,债权人能起到降低股东与经营管理者之间的代理成本的作用;从利益相关者理论方面来说,债权人特别是当其对公司的融资额足够大时,它就有足够的介入公司治理的优势和动力.债权人之所以能在公司治理中发挥作用,是因为债权融资也会产生代理成本,债权人为保护自身利益,必须采取措施尽可能地减少代理成本,从而形成一套作用于公司治理的机制.

Analysis of the Role and Its Mechanism of the Creditor in Corporate Governance

Based on the theories of financing structure and profit relation,the article analyzes the role and operating mechanism of creditors. The financing structure theory argues that creditors contribute to the decrease in commission costs between shareholders and management; whereas,the profit relation theory believes creditors gain substantial advantages and motivation in intervening in the enterprise,especially when creditors invest a great amount,as credit finance creates commission costs. To protect their own interests,creditors must take measures to cut the commisson costs down. Under such circumstance,they would rather formulate an operating system of their own.