巴泽尔的经济组织研究及其贡献——基于产权分析框架

Barzel's Research and Contribution on Economic Organization——Based on the Framework of Property Rights Analysis

经济组织研究是巴泽尔产权分析框架的重要应用。巴泽尔从商品产权属性化与分割化的特征事实出发,得到组织是对所有权被分割的实体管理的重要结论。为了使资产净值最大化,除了应当对产权实施必要的限制外,还应当对变化性进行合理的配置,以使带来更大变化性的个人对其行为提供担保。由于变化性的分配是合同的主要内容,组织可以被视为一组由股权资本担保的合同的集合,担保功能决定着企业的规模。巴泽尔基于其独特的产权分析框架的研究不仅是对企业理论与新制度经济学的丰富与发展,也为不完全合约理论奠定了良好的微观基础。

Research on economic organization is an important application of Barzel＇s framework of property rights analysis.From the characteristics and division of property rights, Barzel finds a significant conclusion that organization is the entity management of the divided ownership. In order to maximize the net assets, besides the necessary restrictions on the implementation of property rights,it should also be a reasonable allocation of the variability,for the purpose of providing a guarantee for a greater change in personal behavior. Due to the allocation of variability being the main content of contract,organization can be regarded as a set of contracts which is guaranteed by equity capital, and the guarantee function determines the scale of enterprises. Based on his unique research on the framework of property rights analysis, Barzel not only enriches and develops the theory of enterprises and the new institutional economics,but lays a good micro foundation for the theory of incomplete contracts.