12根據(jù)蘋果公司披露的信息，從2012年下半年到2015年初的不到三年時間里，蘋果公司為股東支付了1120億美元，其中，800億美元用于公司股票回購。2014年，蘋果公司董事會獲得了900億美元的回購額度授權(quán)，而2015年，這一授權(quán)額度進(jìn)一步提高到了1400億美元。有評論指出：為維持股價，為保住自己CEO的位置，在未來拿到高額的期權(quán)收益，庫克基本上把能用的財務(wù)手段都用了。在經(jīng)濟(jì)增長緩慢的背景下，美國高管正將公司大量資金用于收購和回購股票，以提高營收和每股盈利，與此同時，他們自己卻又在大量賣出手中持有的公司股票。

14Ping Chen, "Complexity of Transaction Costs and Evolution of Corporate Governance", The Kyoto Economic Review, 76(2): 139-153, December 2007.

15［澳］邁克爾·溫考普：《政府公司的法人治理》，北京：經(jīng)濟(jì)科學(xué)出版社，2010年，第2頁。

16OECD. Guidelines on Corporate Governance of State-Owned Enterprises. 2015.

17余菁：《走出國有企業(yè)理論紛爭的叢林:一個關(guān)于國有企業(yè)目標(biāo)、績效和治理問題的綜合分析》，《中國工業(yè)經(jīng)濟(jì)》，2008年第1期。

Modern Corporate Governance Reform and Institutional Innovation of the SOEs

Yu Jing

Abstract: Although the modern corporate governance is regarded as extremely important, there is not a universally applicable principle of practice. In the world, the practice of corporate governance shows the trend of institutional convergence and differentiation at the same time, which makes it difficult for people to make a definite trade-off choice between the advantages and disadvantages of different governance arrangements. The SOEs make setting up and improving corporate governance the direction of practice, but their governance problem is more complex than the problem of private companies. China needs a corporate governance mode suited to its national conditions. The SOEs should take a correct view of their own nature as well as the nature of other companies as the economic organization system, actively explore the multi-type and multi-level system of SOEs, work hard to build a clearly defined government-enterprise relationship with the operation cost controllable, and energetically explore and innovate the modern enterprise system suitable for its national conditions.

Keywords: corporate governance, SOEs, institutional innovation, government-enterprise relationship, reform of SOEs