资本所有者至上理论下的企业控制权安排 ——公司治理两大理论的逻辑统一

企业控制权安排有两种理论流派:“股东至上”理论和利益相关者理论。在“资本所有者”的范围内,两大理论都承认资本所有者是企业的控制权主体,都是基于“资本所有者至上”理论下的企业控制权安排形式。物质资本和人力资本所有者在企业控制权中的最优配置份额,取决于各自的谈判力。合理地安排企业控制权,应把物质资本和人力资本都纳入“企业治理”范畴,不能强调一方而忽视另一方,以实现资本所有者利益最大化。

The Arrangement of Enterprise Ownership Based on the Theory of Capital Governance--Logical Integration of shareholder uppermost Theory and stakeholder Theory

Arrangement of ownership involves two schools of theories: the shareholder uppermost theory and stakeholder theory.The stakeholders in the corporate should be divided into the owner of capital and other stakeholders,only the owner of capital can be the main body of enterprise,s ownership.Thus,the two theories don,t set against each other necessarily.On the contrary,they are unified under the concept of "capital".The optimum allocation of ownership between material and human capitals depends on their negotiation strength.Both are important and should be included in "enterprise governance".It is necessary to arrange enterprise,s ownership according to different functions of capitals in order to maximize owner,s interests.