不完全契约、控制权与公司治理机制的整合

为了分析公司治理产生的根源,以不完全契约为工具,指出当契约的不完全性作用于公司权利划分时,控制权配置就成为影响公司治理的关键因素。伴随着公司利益主体的多元化,控制权逐步分裂,在具有不同目标函数的利益主体之间配置,由此导致公司治理的复杂化,并产生多种治理目标的相互冲突,这就使得最优的公司治理结构无法出现,从而在客观上要求各种公司治理机制必须整合。

The consolidation of incomplete contracts, controlling rights and corporate governance mechanism

Through an analysis of the origin of corporate governance,by the means of the incomplete contracts,the paper points out that the allocation of controlling rights becomes the key elements which impact corporate governance as the incompleteness of the contracts acts on the division of corporate rights.With the diversity of interest owner,the controlling rights of the corporate is gradually divided and allocated among the interest owners with different target function.It leads to the complexity of the corporate governance and the inter-conflict of multi-object of corporate governance.Thus the optimum corporate governance hardly emerges in the corporate.Objectively this requires the consolidation of the various mechanism of corporate governance.