用“要素相对重要性理论”解释经营者剩余权  

Explaining Managers' Residual Rights by the "Theory of Relative Importance of Factors"

作　　者：张东明[1] 

机构地区：[1]吉林大学中国国有经济研究中心,吉林长春130012

出　　处：《经济管理》2012年第10期58-66,共9页Business and Management Journal ( BMJ )

基　　金：国家社会科学基金资助项目"我国国有企业提升自主创新能力的机制与路径研究"(11BJL024)

摘　　要：现有理论在解释企业经营者是否应该拥有剩余权时存在显著不足,而如果从要素相对重要性角度重新理解与阐释企业剩余权的分配问题可能具有更大合理性。要素相对重要性决定了要素产权主体拥有企业剩余权的比重,物质资本所有者可以拥有较大比重剩余权,但这一比重不是一成不变的,随着各要素在企业中所表现出相对重要性的不同,企业剩余权理应在各要素所有者之间重新分配,企业经营者正是因为要素相对重要性得到了显著提升从而获得企业剩余权的。Enterprise residual rights are considered to be the most important in modem enterprise ,residual rightsallocation will directly affect the efficiency of corporate shareholder and operator properly has become the key governance, therefore, how to configure residual rights between issue in the study of corporate governance. The traditional incentive theory thought that, Due to the limited rationality and opportunism, operators often take hidden action. The best way to avoid is to give the operator a certain amount of residual claim, at the same time, thebest constraints may come from the outside, for example the manager market. Thus, they formed the incentive and re- straint mechanism for the managers. It is within a certain range to be plausible, but why have managers not residual claim just in a development of enterprise？ The incentive and constraint theorv further work frnm H^rt nntl ath^r,~ la,~tton the asset specificity theory research results,they denied the enterprise residual claim,that the highest power in the enterprise should be the residual rights of control, and who has the fight of control must be those who invested assets specificity higher elements of the owner, but the attendant problem is that investment, asset specificity low factor owner or has no special assets owner does not have any residual control right？ Empirical evidence once again rejected thisconclusion. More eclectic views come from the theory of distribution according to essential factor, but marginal distri- bution logic and the surplus product distribution way of the theory still remains deliberate. Incentive theory cannot explain why the same business human cap,tat early m me emerp,-l^z ~a,, ,,uL ~ sidual claim,in the absence of conscious enterprise residual control right exists,cannot explain why not the owner of the company is owned enterprise residual control right;asset specificity theory cannot face the Japanese Enterprise Employees Union involved in the control of problem;factor contribution theory is aimed at after labor

关 键 词：剩余权 要素相对重要性 经营者 

分 类 号：F270[经济管理—企业管理]