资本结构与企业财权安排:基于利益相关者理论研究

Stakeholder Theory-Based Capital Structure and Corporate Property Arrangements

礼仪相关者理论是现代公司治理理论的重要组成部分。基于该理论的基本思想的研究表明,在现代市场经济条件下,企业资本结构是股东投入的股权资本、债权人投入的债务资本、经营者和一般职工投入的人力资本、供应商和客户投入的市场资本、政府投入的公共环境资本等财务资本和非财务资本构成的共同合约;以此为基础,企业财权安排要平等地对待各利益相关者,在企业财务方面要建立共同治理和相机治理相结合的治理结构,以实现各利益相关者的产权权益,提高企业财务的决策效率和治理效率。

takeholder theory is the essential part of modern corporate governance theory. According to the theory, capital structure is a co-contract of financial capital and non-financial capital, including the equity capital of shareholder, debt capital of creditor, human capital of management and employee, market capital of provider and customer, common condition capital of government. From this basis, every stakeholder should have the same property right. Companies should establish their governance structures by combination of co-governance with contingent governance in financial as pects, then each stakeholder can realize its property right and companies can improve the efficiency of financial decision-making and governance.