共同所有权与控制权配置制度环境和治理效率

本文在分解的两权概念下,在兼顾股东与管理者、大股东与小股东之间代理问题的框架中,运用博弈论来分析不同制度环境下,这些利益主体的行为选择导致的治理问题,并对代表不同制度环境和不同所有权与控制权配置--英美模式、日德模式及东亚家族模式进行比较分析.我们得到的重要启示是风险制造人与风险承担人应该对应;决策控制权与决策管理权应该分离;应通过强化各类市场竞争、完善控制权机制来构建高效的公司治理自适应体系.

The Allocation of Ownership and Control Right, Institutional Environment and Governance Efficiency

The paper analyzes the behavior of three parts and agency problems with game theory and decomposed rights under different in- stitutional environments in a framework, which gives attention to the conflicts of both shareholders-managers and controlling shareholders- minority shareholders. Then, it compares the governance mechanism of several representative modes, which is England-America modes, Japan-Germany modes and East-Asia modes. The significant rev- elation to our corporate governance is that risk-maker and risk-taker should coincided, or the control right and manage right of decision- making should be separated. The effective self-adapted system of corporate governance depends on market system competition and the cooperation of several control rights mechanism.