现代企业理论认为,企业所有权安排是一个动态调整的过程,同时也是财权配置的基本逻辑,它决定了财权配置具有动态演变性。本文分析了资本结构、公司各权利主体之间的博弈、公司规模及组织方式、技术及环境等因素是如何影响财权的动态配置。通过企业财权配置的状态依存性与相机治理机制来实现财权的配置与再配置,在此基础上,构建动态性财权配置的一般框架,旨在为上市公司财权的动态配置提供参考。 Modern enterprise theory holds that the arrangement of enterprise ownership is a dynamic adjustment process and also the basic logic of the allocation of property rights, which determines the dynamic evolution of property rights allocation. This paper analyzes the capital structure, the game between the various rights of the company, the company size and organization, technology and environment and other factors affect the dynamic allocation of property rights. The configuration and re-allocation of property rights are realized through the state-dependence of the property rights allocation and the camera governance mechanism. Based on this, a general framework of the dynamic property rights allocation is established, which aims to provide a reference for the dynamic allocation of the property rights of listed companies.