“管理者控制权”重探——管理者与企业剩余控制权的配置

长期以来 ,人们是以委托代理框架中的“股东至上主义”逻辑来诠释管理者控制权内涵的。本文认为 ,管理者不仅拥有企业特定控制权 ,而且拥有企业剩余控制权 ,管理者剩余控制是内生于企业契约内各参与方之间谈判的过程中。切实地发挥董事会作为各利益相关主体共同配置企业剩余控制权的载体功能 ,从而有效地控制管理者剩余控制权的“侵袭”效应 ,是公司治理的核心任务。

Since long time ago, people have explained the meaning of management control by the logic of 'shareholder, the first priority' in the analysis framework of principal and agency. The author holds that managers have not only the specific control over the enterprise, but also the residual right of control. Management's residual right of control is endogenetic in the negotiation process between various contract participants of the enterprise. Board of Directors should play the carrier role in allocating residual right of control of the enterprise for all stakeholders so that it can be effective to control the attract effect of the management's residual right of control. This is a key mission to corporate governance.