现代企业制度下控股股东代理问题的产生机制研究

企业所有权视角的研究认为,控股股东代理问题的产生原因是控股股东对控制权私人收益的追求,产生条件是控制权与现金流权的偏离。文章从现代企业制度视角分析控股股东代理问题的产生机制,认为现代企业制度为控股股东基于自利目的的侵占行为提供了可能和行为能力,为控股股东利益侵占的后果承担提供了免责机制,使控股股东代理问题的产生具备了一定的制度基础。

A study on the Mechanism of the Agency Problem of Controlling Shareholders from the Perspective of Modern Enterprise System

From the perspective of ownership, the controlling shareholders pursuing private benefits of corporate controlright is the reason for the agency problem of the controlling shareholders,and it happens in the context of the separation ofcontrol right and cash flow right. The paper analyzes the mechanism of the agency problem of the controlling shareholdersfrom the perspective of modern enterprise system. This study shows that the modern enterprise system provides certain insti.tutional arrangements for the occurrence of the controlling shareholders’ agency problem,the arrangements give the con.trolling shareholders reasons and ability to encroach on the interests of other shareholders based on the pursuit of their pri.vate benefits,and also offer the exemption mechanism for the controlling shareholders not to take the consequences.