基于社会资本视角的公司治理研究

Research of Corporate Governance Based on Social Capital

文章指出,传统的公司治理基于物质资本视角,提出了两权分离和委托—代理问题,形成了股东至上的公司治理观,其实质是支持资本雇佣劳动原则,采用股东单边治理模式,忽略了人力资本所有者与社会资本所有者等利益相关者的角色和诉求,忽略了公司核心能力的构建,不能适应知识经济与和谐社会建设的要求。本文认为,企业作为由物质资本、人力资本和社会资本所构成的一种特定契约,企业收益是三方合作的产物,三者共同拥有企业产权。因此,公司治理应由股东单边治理调整为利益相关者协同治理,公司治理目标也应从股东至上调整为公司核心能力最大化。而物质资本、人力资本和社会资本参与公司治理的方式和程度则是它们之间博弈的结果。

The authors maintain that, traditional corporate governance based on material capital proposed such issues as separation of government functions from enterprise management, separation of ownership from management and Principal-Agent, and the view of corporate governance maintaining shareholders as primacy has been formed. But, problem with that kind of corporate governance is that roles and requirement of other stakeholders has been neglected and the construction of corporate corn capacity has been neglected, which is not compatible with requirement of knowledge economy and the construction of harmonious society. The authors believe that enterprises can be viewed as a certain contract comprised with material capital, human capital and social capital, enterprises＇ revenue is the outcome of cooperation among the three parties, and they possess property right of the enterprises together. So, the mode and target of corporate governance should be adjusted to reflect this.