终极控制权、代理问题与公司融资政策

Ultimate Control Right,Proxy and A Company's Financing Policies

公司终极所有权结构差异会引起不同的代理问题,进而影响公司的融资决策。公司的融资政策是控制权人意志的反映,控制权人的利益最大化是非控制权人利益最大化的前提(约束条件),控制权人要实现其利益最大化必须将其个人意志上升为公司意志并形成公司的政策。由于控制权人实现利益最大化的前提是拥有控制权,而公司的融资政策会对控制权的配置产生影响,因此,公司融资政策的制定要在掌握公司控制权与其拥有的可控资源之间做出权衡。

The difference in a company＇s ultimate property fights structure will cause the different proxy issues, then influence the company＇s financing decision-making. A company＇s financing policy reflects the will of the domination person. The maximized interest of the domination person is the prerequisite for the maximized interest of the non-domination person.The domination person has to transform its personal will to the will of the company so as to realize the benefit maximization. Since the control fight is the perquisite for domination person to realize the benefit maximization, and a company＇s financing policy will influence the domination disposition, in designing the financing policies the company has to balance between the control fight and the controllable resources.