五．结尾
公司治理问题已受到法学者和经济金融学者的广泛关注。在比较公司治理研究中，许多人花费大量的精力要么寻找所谓的最佳公司治理制度要么将公司治理制度和一国的整个经济表现相挂钩。我在本文提出了温和的反对意见。由于不可能精确衡量不同公司治理制度在降低因债务融资和股份融资而产生的代理成本方面的作用，我提出了在比较公司治理制度中采用一种机构竞争模式的理论。在这种机构竞争模式下，人们将注意力集中在公司的不同融资方法上。这样的取向会使债务融资和股份融资之间产生竞争。债务融资和股份融资之间的自由竞争会进一步形成因适应，试验和竞争而产生的公司治理下属制度。投资和贸易的全球化和人们对公司治理不断增长的知识会使得不同国家更容易地去建立和完善他们各自的公司治理下属制度。把注意力放在制度变迁的过程上，这一机构竞争模式具有预示发达国家公司治理制度改革的能力。这一模式对于衡量发展中国家的公司治理下属制度及为这些国家提供机构变革的方向都是非常有用的。
【作者简介】
郁光华，香港大学法学院任职。
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