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首页> 外文期刊>International review of law and economics >Functional Change and Bank Strategy in German Corporate Governance
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Functional Change and Bank Strategy in German Corporate Governance

机译：德国公司治理中的职能变革和银行战略

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This paper analyses changes in the German corporate governance system in the 1990s, using a functional perspective that separates the functions of governance from the institutions that perform these functions. Financial globalization, harmonized legislation within the European Union, and domestic pressures have triggered a move away from the postwar German system of bank-based governance, and towards more market-oriented processes. The paper shows that these forces have resulted in heightening transparency, more active capital markets, and a greatly reduced role of banks in the governance process. However, Germany's 2002 boycott of EU takeover legislation has created a void in the current governance system: because bank intervention and the market for corporate control are substitutes, a reduced role of a banks and protective takeover legislation mean that one important governance function is currently underserved.
机译：本文使用功能视角来分析1990年代德国公司治理体系的变化，这种观点将治理职能与执行这些职能的机构区分开来。金融全球化，欧盟内部立法的协调一致以及国内的压力促使人们从战后德国的基于银行的治理体系转向更加面向市场的过程。本文显示，这些力量导致透明度提高，资本市场更加活跃，以及银行在治理过程中的作用大大降低。但是，德国2002年抵制欧盟的收购立法在当前的治理体系中造成了空白：由于银行干预和公司控制市场是替代品，银行的作用减弱和保护性收购立法意味着当前一项重要的治理职能仍未得到有效服务。

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