经营者控制权的契约配置与动态调整

该文在现代企业委托代理的框架内,探讨了现代企业经营者控制权的契约安排,分析了实践操作层面经营者控制权动态调整的理论基础、变动类型与具体的影响因素。通过对契约合作方前后谈判力的比较,说明经营者控制权的初始安排与现实操作之间存在相当大的差异,并成为经营者实际控制权边界调整的主要权变因素。

Managers' Control Power: Contract Arrangement and Its Dynamic Adjustment

Based on the framework of Agency Theory,this paper discusses the managers' control power setup by the modern firm's contracts, it also analyzes the theoretical basis of managers' real control power,as well as its changing types and specific influence on the practical level.By the contrast of the managers' bargain power and the owner's which will change relatively according to the firms' operation and management,the paper points out that the managers actually have more decision control than the contracts state.The differences have become the main factors to the adjustment of managers real control power.