企业控制权演变与财权配置

企业的财权配置是企业所有权的核心内容。从最初的业主制企业到现代的股份公司，财权配置主要是企业内部各利益主体(如股东、经营等)之间的权力分配和合约安排。随着企业控制权的演变及“利益相关理论”的兴起，企业的财权配置应不仅仅是股东和经营的企业内部财权配置，而应扩展到包括外部利益相关在内的外部财权配置，以及为保证利益相关财权配置实现的相机治理机制。

Development of Enterprise's Control Power and Financial-right Disposing

The financial-right disposing of enterprise is the core of enterprise ownership. From owner-controlled firms to limited companies, the financial-rights disposing are mainly internal financial-right disposing of enterprise between shareholders and managers. With the development of enterprise' control power and the theory of stakeholders springing up, the author thinks that the financial-right disposing should be not only internal disposition of enterprise and should expand to include external disposition, as well as the homologous governance mechanism for guaranteeing the financial-right disposing to realize.