企业所有权理论的历史演进

企业所有权的演进过程也是企业所有权理论不断发展的过程,企业所有权的内涵经历了从剩余索取权、剩余控制权到两者之间匹配的演变。现代企业制度的建立是以两权分离为基础,而企业所有权与经营权的分离又产生了代理成本,所以,解决委托成本问题的最终办法是在某种程度上将所有者与经营者的身份合二为一。作为一种制度创新,MBO对于企业的有效整合、代理成本的降低、经营管理效率的提高以及社会资源的优化配置都有重要意义。MBO不能完全取代现代公司治理结构,所有权与经营权合二为一并不必然带来企业效益的提高。这种具有多权重新合一倾向的企业制度并不是古典企业制的复活,而是对其的超越。

The Historical Evolution of Theory of Enterprise Property Rights

The evolution of enterprise property rights is as the same as development of the theory of enterprise property rights.It includes connotation rights for surplus demands,the surplus domination as well as the match between them.The establishment of modern enterprise system was based on the separation of the enterprise property rights and the operating rights,which caused the proxy cost.As one kind of system innovation,MBO has great significance to effective conformity,reduction of the proxy cost,enhancement of management efficiency and the optimized disposition of social resources.But MBO can not completely replace the modern corporate governance,and the property rights and the operating right two certainly do not bring benefit for enterprises.Therefore this kind of system which characterized by tendency of regathering one of multi-rights certainly is not the reactivation of classical enterprises,but surpassing.