美國的公司治理與購並－－20世紀80-90年代歷史之解讀

本文介紹了1980年以來美國的公司治理和兼並行動的變革情況，並對其成因進行了研究剖析。在美國20世紀80年代的公司治理中，頻繁的公司兼並行動始終占主導地位，其中又以杠杆收購(LBO)和敵意收購的盛行為顯著特徵。繼90年代初期的短暫沉寂後，在90年代中後期，大規模的公司兼並行動再度抬頭，但此時卻未出現LBO和敵意收購。與以前不同的是，公司內部治理機制在90年代大行其道。最後文章還探討了這些變革及股東中心主義的發展方向是否會延續下去。

This paper describes and considers explanations for changes in corporate governance and merger activity in the United States since 1980. Corporate governance in the 1980s was dominated by intense merger activity distinguished by the prevalence of leveraged buyouts (LBOs) and hostility. After a brief decline in the early 1990s, substantial merger activity resumed in the second half of the decade, while LBOs and hostility did not. Instead, internal corporate governance mechanisms appear to have played a larger role in the 1990s. We conclude by considering whether these changes and the movement toward shareholder value are likely to be permanent.