应对“经理革命”的出路探析——对两权分离走向两权重新结合的历史思考

Probe and Analysis on Way of Responding Managerial Revolution--An Historical Think about Transition from Separation between Ownershipand Control to Recombination of Ownership and Control

本文认为,当“经理革命”的内涵已超出了两权分离的范畴之后,现代公司在两权关系上就必须突破传统的禁忌,超越现有各种应对“经理革命”模式的局限性,通过使经理有序地获得公司最大甚至是控股股权份额的途径,实现所有权和控制权在构造企业家成长和有序更替机制基础上的重新结合。只有这样,被两权分离所颠覆的公司成功逻辑才能够被重新树立,公司的发展及股东的长远利益才能够得到有效保障。

This article points out that, when the managerial revolution has come across the line of the separation of ownership and the right to control operations, modern enterprises must avoid the traditional ways to deal with the managerial revolution and they should allow managers to get enough shares to make them the biggest shareholders or even control the enterprise, thus realizing the recombination of ownership and control on the basis of the mechanism which is helpful for the grown-up and the sequential replacement of entrepreneurs. Only through the recombination, can the successful logic which is overturned by the separation of ownership and control be rebuilt, and can the enterprise development and the long-term benefits of shareholders be effectively guaranteed.