财权及其配置的经济学透析

An Economic Analysis of the Financial Right and Its Configuration

财权与产权关系紧密,但两者应该属于两个不同的层次。财务治理权是从各财务主体在企业治理结构层次上,就财权分割过程中所形成的一种权力制衡关系而言的。而财务控制权是建立在契约不完全理论基础上的,但由于"剩余"的重要性、决策权的广义与狭义区分、权力实施流程等因素的影响,财务控制权有几个不同内涵。财权配置是以"贡献"与"风险承担"为基本原则,并在知识成本与代理成本共同约束下剩余索取权和控制权的集中与分散对称安排。

Although there is a close relationship between financial right and property fight, in fact they belong to two different levels. The financial governing right comes from a kind of power balancing relationship shaped during the separation of financial right at the administrative level of enterprises by each financial body, while the financial controlling right is established on the basis of the imperfect contract theory. Due to the influence of such factors as the importance of ＂surplus＂ , the distinction between the narrow and broad decision-making power, the process of power implementation, etc., there are several different connotations of the financial controlling right. The configuration of financial right follows the basic principles of ＂contribution＂ and ＂risk＂ , being arranged symmetrically according to the centralized or decentralized residual claim and residual control under the co-bound of knowledge costs and agency costs.