论机构股东产权契约特征及其对公司治理的影响

机构股东产权契约是机构股东的各产权主体按照平等、自愿和公平等契约原则就产权的界定、调整、分配、转让与履行达成的契约关系。机构股东的产权契约具有节约交易费用的代理优势,但代理链过长会增加交易费用。机构股东产权契约对公司治理具有重要影响。

The Feature of Property Right Contracts of Institutional Shareholders and it Influence on the Structure of Corporate Governance

The contracts of property right of institutional shareholders include agency contract of different institutional shareholders according to the contracting principle of equality,willingness and fairness as concerns the defining,adjusting,allocating,transferring and performing the property rights.The property right contract of institutional shareholder enjoys the advantage of the agency of trade expenses,yet the long chain of agency will increase the cost in the trade.Thus the property rights contract of institutional shareholder is of great importance to the corporate governance.