An Institutional and Empirical Analysis of Corporate Governance in Transition Economies

在本研究项目的框架内，我们主要开展了以下三项调查活动：第一，为了分析俄罗斯联邦的公司治理问题，我们与莫斯科国立大学高等经济学院的工作人员于2005年上半年对地区的800多家制造和通信企业进行了大规模的问卷调查。基于调查结果，我们考察了内部控制制度的组织、业务整合对公司绩效的影响，以及被调查公司与商业银行、商业协会和国家等外部参与者之间的相互关系。其次，我们将匈牙利作为实证研究的第二个目标国家。我们对匈牙利学者和政府官员进行了各种采访。我们还走访了一些国内公司，纠正了他们关于公司重组和治理的生动信息。在此基础上，我们实证研究了欧盟东扩对匈牙利工业企业和私人养老基金重组进程和治理改革的影响。第三，也是最后，我们还组织了一项国际学术研究，邀请捷克、匈牙利、意大利、日本和俄罗斯的研究人员对转型经济体的治理机制进行比较分析。在这项研究中，我们聚焦于大型工业企业私有化后的所有权结构、公司治理的法律框架和实践，以及外商直接投资对企业改革的影响。

In the framework of this research project, we executed mainly the following three investigation activities :Firstly, to analyze the corporate governance issues in the Russian Federation, we together with the staffs at State University-Higher School of Economic in Moscow conducted a large-scale questionnaire survey for more than 800 manufacturing and communications enterprises in the 64 regions in the first half of 2005. Basing on the survey results, we examined the organization of internal control system, impacts of business integration on corporate performance, and interrelationship between surveyed firms and external players including commercial banks, business associations and the state.Secondly, we took Hungary as a second target country for our empirical research. We carried our various interviews with Hungarian scholars, governmental officials. We also visited some domestic firms to correct vivid information of their corporate restructuring and governance. Basing on these results, we empirically studies the impact of EU enlargement upon restructuring processes and governance reforms in industrial enterprises and private pension funds in Hungary.Thirdly and lastly, we also organized an international academic study for comparative analysis of the governance mechanisms in transition economies inviting Czech, Hungarian, Italian, Japanese and Russian researchers. In this study, we focused on ownership structure of major industrial firms after their privatization, the legal framework of corporate governance and practices, and the impact of foreign direct investment on enterprise reform.The research outcomes from the above investigation activities have published in several refereed international journals and academic books.