利益相关者理论评析及其对国有企业改革的启示

Comment on the Theory of Stakeholder and Enlightenment for the Reform of State-owned Enterprises

本文在对利益相关者理论评价的基础上 ,认为只有那些“长期缔约者”和“纯粹风险承担者”才有必要或有可能介入企业治理结构。并且指出 ,实践中要承认人力资本产权的存在 ,但要加以区别对待 ,只有那些特殊人力资本所有者才有可能作为“长期缔约者” ,而对于一般人力资本所有者而言 ,即便是现实中赋予其部分剩余索取权和剩余控制权 ,也均应纳入对人力资本的激励约束范畴来考虑。最后依据本文所述 ,对国有企业改革实践提出了若干建议。

Based on the evaluation of the Theory of Stakeholder, the paper holds that only for the 'long-term contracting party' and 'pure bearer of risk', it is necessary or possible to be involved in corporate governance. And the paper points out that in practice we should admit the existence of human capital property right which must be different from others, and only those special human capital owners can be possibly regarded as the 'long-term contracting party', while for the general human capital owners, although given part of residual claimancy and control right in reality, they should also be considered in the range of encouragement restraint of human capital. Finally according to the exposition in this paper, the paper puts forward several suggestions about the reform of State-owned Enterprises.