论文部分内容阅读
在家族企业的发展历程中,为了提高所1拥有的生产性投入的产出,企业的最初的所有者通常会在保证控制权的情况下,让渡一部分所有权给其他生产性资源的所有者,以集中资本,达到最优企业规模。首先,本文延续科斯理论的本意,将控制权分为治理控制权和管理控制权,并依据其载体认定控制权调整的方式包括股权比例、股权层级以及董事会投票权三种途径。其次,沿袭新制度经济学的逻辑,识别了控制权共享受益和控制权私有收益这两种动机。本文的启示:对内,股东要注意调整幅度,防止引发控制权危机,维护并优化控制权;对外而言,有助于外部投资者识别控制人的调整行为和动机,为投资决策提供有效信息。
In the course of a family business, in order to increase the output of a productive investment owned by a firm, the first owner of the firm usually gives up some of the ownership to the owner of other productive resources with assurance of control, To focus on capital, to achieve the optimal size of the enterprise. First of all, this article extends the original intention of Coase theory, and divides control into governance control and management control. According to its carrier, the way of adjustment of control right includes three aspects: equity proportion, ownership level and board voting right. Secondly, following the logic of the new institutional economics, the two motives of controlling benefit and private benefit of control are identified. The enlightenment of this article: For domestic and foreign shareholders, pay attention to the adjustment range to prevent the crisis of control right from being caused and to maintain and optimize the control right. For foreign countries, it helps external investors to identify the controlling person’s adjustment behavior and motivation and provide effective information for investment decision-making .