公司治理 财务契约与财务控制

本文着重分析公司的各种财务契约关系中索取权人之间的利益冲突,以及这些契约解决经济主体之间的利益冲突的主要机制。从财务控制的角度,分析不同的索取权人对公司实施投资控制、筹资控制和分配控制的主要机制和控制要点。从契约和控制的角度分析了现行公司治理结构的成因,探讨了财务控制权的配置问题。

Corporate Governance, Financial Contracts and Financial Control

Corporate governance is the problem of how outside claimholders enforce their control on the corporate to protect their contract interests.Financial governance is involved in how corporate claimholders make use of economic incentive mechanism to control the corporate,so the basic structure and mechanism of financial governance is made up of financial contracts.But the claimholders will never reach their objectives unless they enforce effective financial control on the corporate.Firstly,we analyze the conflicts of interests of different sort of claimholders involved in equity contracts,debt contracts and managerial compensation contracts,showing that these contracts consist of effective mechanisms for the resolution of the conflicts.Secondly,we analyze how different claimholders should enforce financial control on the investment,financing and payout activities of the corporate.Thirdly,we analyze the factors that cause people to build up such a governance structure as they use now,and give implications for the distribution of control rights among the agents in this structure.