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所有利益相关者参与公司治理并非最有效率
引用本文:张岭松.所有利益相关者参与公司治理并非最有效率[J].经济管理,2008(11).
作者姓名:张岭松
作者单位:南京大学商学院;210093;
摘    要:利益相关者公司治理模式强调所有利益相关者的利益最大化,从其目标本身来看,是无可非议的。但该模式通过管理层的广泛任务和分享控制权来内部化股东行为的负外部性,容易产生管理层激励设计难、融资和决策效率低等问题。本文认为,所有利益相关者参与公司治理并不是保护其利益的有效制度安排,而应该在坚持股东价值的范式下,通过契约和法律形式实现其他利益相关者的利益保护。

关 键 词:公司治理  股东价值  利益相关者  管理层激励  控制权  

Some Thoughts on Stakeholder Model of Corporate Governance
ZHANG Ling-song.Some Thoughts on Stakeholder Model of Corporate Governance[J].Economic Management,2008(11).
Authors:ZHANG Ling-song
Institution:ZHANG Ling-song (School of Business,Nanjing University,Nanjing,Jiangsu,210093,China)
Abstract:Corporate governance originates from the agency problems caused by the separation of ownership and control.Its main idea is to maximize the shareholder value by managerial incentives and large shareholder control.With its goals aiming at maximizing the stakeholder value,there are no objections to the goals advanced by the proponents of stakeholder model of corporate governance.However,the stakeholder model has its critical defects on the design of managerial incentives,financing and decision making,since it...
Keywords:corporate governance  shareholder value  stakeholder  managerial incentives  control right  
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