市场、技术、资本结构与企业所有权安排

本文从要素所有者视角分析企业的契约性质 ,并从中提炼出企业理论所要解决的经营者选择和激励问题。这一问题的有效解决可借助于企业资本结构 (即债权融资或股权融资的比例 )的优化调整实现企业所有权 (剩余索取权和控制权的分配 )的最优安排。但资本结构的优化又受到各个企业所面临的不同市场条件和技术条件的约束。由此得出的结论是 ,不同的企业应该依据其市场与技术条件导出其最优的融资条件和方式 。

The article analyzes the contract nature of enterprises from the perspective of owners of production elements,and then puts forward the issues of managers'selection and motivation that should be handled carefully in the theory of enterprise.This can be achieved through the optimal adjustment of enterprises'capital structure(the ratio of debt financing to equity financing),which will lead to the optimal arrangements of enterprise ownership(the allocation of controls and remaining claims).However,the optimal adjustment of capital structure is restricted by the various market surroundings and technologies that enterprises are facing and possessing.The article concludes that different enterprises should choose their best financing methods based upon their own market surroundings and technologies possessed to achieve the optimal arrangements of enterprise ownership and the maximum of their performance.