控制权的二重维度及其激励效应分析

Study of Incentive Effect from the two Dimension of Controlling Power

在企业具有"组织"和"契约"两重属性的基础上,本文提出治理框架下的企业控制权具有"股权"和"资源控制"二个维度,并对此展开分析,同时利用我国中小板上市公司数据进行实证检验。资源控制权是企业家才智实现的必要条件,内生于企业家在科层中的特定位置,没有明晰的权力边界,"权力真空"的存在产生较强的激励作用;股权控制权通过正式规则由组织授予,边界清晰。不同维度的控制权激励效应不同,股权控制权由代表股东的董事会设计,更多地提供"参照点"激励作用;资源控制权具有较强的激励作用,可能正向激励,也会产生逆向激励。

The research about Entrepreneurial incentive has explored under the framework of principal - agent cost, the control right is only an implicit incentive mechanism. So this paper analysis the incentive effect based on two dimension of controlling power. Control right not only ＂ stock control right＂, but also ＂resources control right ＂. The latter comes from the specific location in the hierarchy of entrepreneurs, which is necessary conditions for realization of entrepreneur talents. Empirical results show that the resources control right has the strongly incentive function.