控制权利益与专有管理才能:基于交易视角的分析

本文运用纳什谈判解的概念,从“专有管理才能”的间接交易这一角度分析控制权利益,认为:控制权利益在一定程度上是所有者获取“专有管理才能”所支付的代价,是“专有管理才能”的间接定价形式。本文分析的主要政策含义是:控制权利益对于管理者有激励作用,过度强调对控制权的限制可能会损失“专有管理才能,”这将成为公司治理的机会成本;限制控制权利益不能单纯地通过减少管理者手中的权力,更重要的是依靠产权排他性权威形成的有效约束机制。

Benefit of Control and Specific Management Ability:Analysis Through Transaction

In this paper we analyze benefit of control through transaction of specific management ability,utilizing the Nash bargaining solution.This paper suggest that from the perspective of transaction,benefit of control is the price which owner must pay for manager,it is a indirect method of pricing specific ability of managers.The policy remarks are that,lose of specific management ability is the opportunity cost of corporate government,and the key that limits manager's benefit of control is exclusive authority of property rights.