基于资本治理理论的企业所有权安排——股东至上理论与利益相关者理论的逻辑统一  

Arrangement of Enterprise Ownership Based on Theory of Capital Governance——Logical Integration of Shareholder Uppermost Theory and Stakeholder Theory

作　　者：李伟[1] 

机构地区：[1]中南财经政法大学工商管理学院,湖北武汉430060

出　　处：《中国工业经济》2005年第8期122-128,共7页China Industrial Economics

摘　　要：企业所有权安排有两种不同的理论流派:“股东至上”理论和利益相关者理论。公司中的利益相关者应分为资本所有者和其他利益相关者两类,只有资本所有者才是企业所有权的主体。因此,两大理论并不是绝对对立和冲突的,在企业所有权安排上,都统一于“资本”这个概念,都是基于资本治理理论下的企业所有权安排问题。物质资本和人力资本所有者在企业所有权中的最优配置份额,取决于各个资本的谈判力。物质资本和人力资本都应纳入“企业治理”范畴,不能强调一方而忽视另一方,并根据资本作用的不同,对不同企业实施分类治理,合理地安排企业所有权,以实现资本所有者利益最大化。Arrangement of ownership has two kinds school of theories： the shareholder uppermost theory and stakeholder theory. The stakeholders in the corporate should be divided into two parts ,that is owner of capital and other stakeholders,only the owner of capital can be the main body of enterprise＇s ownership. Thus,the two theories are not set against definitely. They are unified under the conception of “capital”,and they are arrangement of enterprise＇s ownership based on the capital governance. The optimum allocation of ownership between material capital and human capital depends on their negotiation strength. Both should be included in “enterprises governance”,we can＇t emphasize one part but ignore another. It is necessary to arrange enterprise＇s ownership according to different function of capitals in order to realize capital owner＇s maximizing interests.

关 键 词：物质资本 人力资本 谈判力 企业所有权 

分 类 号：F276.7[经济管理—企业管理]