基于契约视角的企业治理效率分析

企业可以看作是一组契约关系的连接,契约本身作为配置产权和分割租金的手段也是一个有效的治理工具.从契约的角度来看,治理机制可以分为两个方面:明确契约关系的治理和弹性治理.对于明确契约关系的治理来说,治理效率就在于契约的有效履行;对于弹性治理来说,治理效率主要在于剩余权利的有效配置.因此,公司治理效率就可以理解为基于契约的履行效率和剩余权利配置效率基础上的企业契约主体之间的合作效率.由于契约条款很难得到不折不扣的履行,剩余索取权与剩余控制权也难以充分实现对称配置,因此,合作效率的提高还需要在契约履行和剩余权利合理配置基础上充分利用关系契约治理.

Analysis of Corporate Governance Efficiency Based on the View of Contract

If regarding enterprise as connections of a series of contractural relationships,contract,as a tool to allot property rights and divide rents,is a effective governance tool.Seeing from the angle of contract,governance mechanism can be divided into two aspects: governance to make clear the contractural relationship and the elastic governance.As for the former,governance efficiency lies in the contract's enforcing efficiency;regarding the latter,governance efficiency mainly lies in the disposition efficiency of residual rights.Therefore,corporate governance efficiency can be regarded as cooperative efficiency of enterprise's contract subjects on the basis of the enforcing efficiency of contract and disposition efficiency of residual right.Because of covenants are very difficult to obtain fulfillment,the residual claim right and the residual control right are also difficult to realize symmetrical arrangement fully.So,the realization of cooperative efficiency also needs to make full use of governance of relational contract based on the reasonable disposition of contractual fulfillment and residual right.