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1、THEPRICINGOFCORPORATEGOVERNANCEforpresentationatUESTC,June2011ASurveyofCorporateGovernanceSHLEIFERandVISHNY(1997,JF)CorporateGovernancedealswiththewaysinwhichsuppliersoffinancetocorporationsassurethemselvesofgettingareturnontheirinvestment.Basicquestions:Howdothesuppli
2、ersoffinancegetmanagerstoreturnsomeoftheprofitstothem?Howdotheymakesurethatmanagersdonotstealthecapitaltheysupplyorinvestitinbadprojects?Howdosuppliersoffinancecontrolmanagers?CurrentSituationsMostadvancedmarketeconomieshavesolvedtheproblemofcorporategovernanceatleastr
3、easonablywell,inthattheyhaveassuredtheflowsofenormousamountsofcapitaltofirms,andactualrepatriationofprofitstotheprovidersoffinance.Butthisdoesnotimplythattheyhavesolvedthecorporategovernanceproblemperfectly,orthatthecorporategovernancemechanismscannotbeimproved.Example
4、sofbadcorporategovernanceItaliancorporategovernancemechanismsaresoundevelopedastosubstantiallyretardtheflowofexternalcapitaltofirms.Barca(1995)andPagano,Panetta,andZingales(1995)InRussia,theweaknessofcorporategovernancemechanismsleadstosubstantialdiversionofassetsbyman
5、agersofmanyprivatizedfirms,andthevirtualnonexistenceofexternalcapitalsupplytofirms.Boycko,Shleifer,andVishny(1995).Understandingcorporategovernancenotonlyenlightensthediscussionofperhapsmarginalimprovementsinricheconomies,butcanalsostimulatemajorinstitutionalchangesinp
6、laceswheretheyneedtobemade.productmarketcompetitionand corporategovernanceOnecouldtakeaviewthatweshouldnotworryaboutgovernancereform,since,inthelongrun,productmarketcompetitionwouldforcefirmstominimizecosts,andaspartofthiscostminimizationtoadoptrules,includingcorporate
7、governancemechanisms,enablingthemtoraiseexternalcapitalatthelowestcost.Onthisevolutionarytheoryofeconomicchange,competitionwouldtakecareofcorporategovernance.HoweverProductioncapitalishighlyspecificandsunk.Asaresult,thepeoplewhosinkthecapitalneedtobeassuredthattheygetb
8、ackthereturnonthiscapital.Thecorporategovernancemechanismsprovidethisassurance.Productmarketcompetitionmayreducethere
