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伴随着国家所有者的行政权威淡出企业,我国现代公司中形成严重的“内部人控制”顽症,股东(特别是国有股东)权益得不到有效维护。如何以科学的企业所有权配置理论为指导,通过完善的公司治理的构建解决这一难题,有着重大的理论意义和现实意义。传统的“股东至上”理论、不完全合约理论、利益相关者理论都无助于问题的解决,反而可能助长恶习。本文在剔除糟粕、汲取各派精华的基础上,提出企业所有权让渡观,希望通过强化股东的地位和作用,从控制权约束和股权激励的角度,根除“内部人控制”的顽症。
As the administrative authority of the state owners fade out of business, the modern company in our country has become a serious internal control problem, and the rights and interests of shareholders (especially state-owned shareholders) can not be effectively maintained. How to solve the problem through the construction of a sound corporate governance with the guidance of scientific enterprise ownership allocation has great theoretical and practical significance. The traditional “shareholder supremacy ” theory, incomplete contract theory, stakeholder theory are not helpful to solve the problem, but may encourage bad habits. On the base of eliminating the dross and drawing the essence of all parties, this paper puts forward the conception of transfer of ownership of the enterprise, hoping to eradicate the chronic problem of “inner-person control ” from the perspective of control right and equity incentive by strengthening the position and function of shareholders.