公司财务控制权配置中若干问题研究

企业财务控制权是企业所有权的核心内容,如何有效地配置企业财务控制权是企业治理结构所要解决的关键性问题。企业财务控制权配置应该以“利益相关者论”作为理论基础。影响公司财务控制权配置的因素主要是股权结构、债务融资结构、报酬激励机制等。要使公司财务控制权配置趋于合理,就必须做到经营者的控制权与剩余索取权相匹配;建立由共同治理和相机治理相结合的治理机制;把优化公司财务控制权安排与完善公司治理结构相联系。

On Allocation of Corporate Financial Control

Corporate financial control is the core of corporate ownership,how to allocate corporate financial control is the crux of corporate governance.Corporate financial control should be arranged based on "the stakeholder theory".Influencing factors on allocation of corporate financial control include primarily ownership structure,liability financing structure and managerial incentives etc.To rationalize corporate financial control,we must match residual claim of manager with his control;establish cogovernance mechanism combined with contingent governance mechanism;combine perfecting allocation of corporate financial control with corporate governance.