CAJ | 학술논문

作为公司治理微观组成不可或缺的大股东制衡，其选择与否是大股东对股权性质、持股差异及法制化水平等诸多因素的综合权衡，在股权性质相同、持股差异不大及法制化水平低的情形下，大股东具有形成制衡的有利条件，但并非必然形成制衡状态。而学者对大股东制衡的经济后果给予了更多关注，既有支持有利于经济后果的成果，也有不利经济后果的证据，没有形成统一结论。上述结论差异或不足的可能缘由：一是现有研究更多地思考如何改进度量制衡的指标体系，而忽视了大股东制衡行为是否发生的事实；二是股权性质、持股差异与投资者保护环境等是影响制衡的重要因素，而对于它们影响的途径、时机、强度等没有深入探究；三是制衡经济后果的结论迥异是制衡机理缺失的必然反映，内部机理决定表面现象，制衡机理研究相对较薄弱，机理不明将导致其作用后果不清。
작위공사치리미관조성불가혹결적대고동제형，기선택여부시대고동대고권성질、지고차이급법제화수평등제다인소적종합권형，재고권성질상동、지고차이불대급법제화수평저적정형하，대고동구유형성제형적유리조건，단병비필연형성제형상태。이학자대대고동제형적경제후과급여료경다관주，기유지지유리우경제후과적성과，야유불리경제후과적증거，몰유형성통일결론。상술결론차이혹불족적가능연유：일시현유연구경다지사고여하개진도량제형적지표체계，이홀시료대고동제형행위시부발생적사실；이시고권성질、지고차이여투자자보호배경등시영향제형적중요인소，이대우타문영향적도경、시궤、강도등몰유심입탐구；삼시제형경제후과적결론형이시제형궤리결실적필연반영，내부궤리결정표면현상，제형궤리연구상대교박약，궤리불명장도치기작용후과불청。
As an essential part of corporate governance's micro-integral composition, the selection of counterbalance of big shareholders based on weighing the various factors such as equity property, difference of ownership and level of legalization. The same nature of equity, little difference of share holding and low level of legalization can conductive to the counterbalance of big shareholders, but not must lead the status of counterbalance. More attention was given to the economic consequences of counterbalance by scholars, but there is no consistent conclusion for both favorable and unfavorable evidences. The reasons of different conclusion or insufficient may be following aspects: firstly, the existing research pays more attention to improve metric index system of counterbalance but ignore the occurred fact of it; secondly, equity property, difference of ownership and legal environment of protecting investors are the important factors which influence the counterbalance of big shareholders, but their way, timing and strength are not be explored in-depth; thirdly, the inconsistent economic consequences of counterbalance is the inevitable reflection of its missing mechanism, for surface phenomenon is determined by internal mechanism and the re-search of internal mechanism is relatively weak, there are bound to be leading unclear consequences by unknown mechanism.