企业中的核心控制权与一般控制权

企业中资产所有者与人力资本所有者之间的控制权安排是企业制度安排的重要内容，但现有文献对此问题的研究存在大量的争论。本文在现有控制权理论研究的基础上将企业的控制权划分为核心控制权与一般控制权，并以此为基础，分别探讨了这两类控制权的配置关系。本文认为，企业契约中核心控制权的配置是基于对权力外部性风险的控制，而一般控制权的配置则是基于核心控制权行使的边际收益与边际成本的均衡。

Crucial and General Control Rights in Firms

Allocation of control rights between the owner of assets and the owner of human capital is an important part of an institution arrangement within a firm, but unfortunately there are widespread controversies about this subject in the literatures. Basing on some studies on control rights, this paper divides control rights into crucial rights of control and general rights of control, and illustrates the allocation of them. Our study explains the allocation of crucial control rights within firms as a response to the risks of external effects, and points out that the allocation of general control rights depends on the marginal equilibrium of cost and benefit of exerting crucial control rights.