企业治理机制:从单向治理到社会共同治理

The Nature of Firm:From Unilateral Governance to Society Multi-governance

基于对企业本质和所有权归属的理解差异,西方学术界出现了两种学说,即股东价值观和利益相关者社会观,并由此派生出了两种相应的治理机制:委托—代理理论和社会共同治理。一般来说,利益相关者社会观反映了企业的协作本质,但长期以来在资本及其所有者具有非常强势地位的情况下,集中体现资本权力的股东价值观得到了承认和流行;不过,由于单向的委托—代理治理无法抑制委托人的机会主义行为,"股东至上主义"在实践中也对企业治理和效率带来了深重的混乱和危害。因此,随着人们对企业本质的理解深入以及企业组织的权力分散,利益相关者社会观逐渐得到承认和流行,并出现了相应的代理人监督代理人以及社会共同治理学说。

There drives two corresponding mechanism of governance： principal-agent governance and society co-governance based on the two theories about the ownership of firm： shareholder-value perspective and stakeholder-society perspective. The theory of shareholder-value perspective emphasizes that shareholder is the owner of firm and the motive of firm is to maximize the profit of shareholder, so the right of supervision is awarded to shareholder. While the theory of stakeholder-society perspective takes each member in firm as equal part, each member is principal along with agent, so it is claimed to adopt the mechanism of society multi-governance. In general, stakeholder-society perspective embodies the synergic essence of firm, and that shareholder-value perspective is prevailing in practice. However, we will realize the significance to reform the mechanism of governance with the essence of firm being uncovered gradually.