摘要
企业是利益相关者参与的一系列契约的联结。利益相关者包括股东、经理人员、债权人、供应商、消费者、工人以及社会公众等,他们将自己所拥有的资源投入到企业,同时也就拥有了不同的企业所有权。企业所有权包括索取权(包括固定索取权、变动索取权和剩余索取权)和控制权(包括固定控制权和剩余控制权),而企业所有权安排则是在制度环境、供求关系、资源投入量、资源的信号显示机制、资源可抵押性、资产专用性、风险选择和组织化程度等因素的影响下,利益相关者利益冲突与协调的结果。这些因素的不断变化之特征,决定企业所有权安排是一个动态的过程,它具有状态依存特征。
Firm is a nexus of contracts among various stakeholders, which includes shareholders, creditors, vendors, customers, employees, and the public. These stakeholders input their own resources into the firm and correspondingly get various ownerships. Firm ownership can be divided into claim rights （cover fixed claim rights, variable claim rights and residual claim rights） and control rights （cover f＇Lxed control rights and residual control rights）. The ownership arrangement is the consequence of coordination and conflicts among various stakeholders, whichis influenced by factors such as institutional environment, demand and supply relationship, input volume, signal mechanism of resources, specialty of assets and risk choice. The dynamic nature of these factors determines that ownership arrangement is a dynamic process and is contingent on the state.
基金
国家社会科学基金项目(05CJY009)
同济大学文科科研基金资助。
