一、引言20世纪80年代,当全球都开始兴起一股研究公司治理的浪潮之时,即使是在发达资本主义国家的学者当中,也很少有人意识到金融创新与公司理论之间会存在某种联系。当时的资本市场对公司治理提出的问题既简单又直接,例如,并购作为外部机制能否对公司管理者起到有效的激励和督促作用,公司董事、管理者在并购中应负何种义务,证 I. INTRODUCTION In the 1980s, when a wave of research on corporate governance began to emerge in the world, few scholars in advanced capitalist countries realized that there would be a gap between financial innovation and corporate theory. Contact At the time, the problems raised by the capital market for corporate governance were both simple and straightforward. For example, whether M & A can effectively encourage and supervise the company’s managers as an external mechanism, what the company’s directors and managers should take in mergers and acquisitions, certificate