不完全合约理论的逻辑悖论与企业理论的创新

A Paradox of Theory of Incomplete Contracts and Innovation of the Firm Theory

主流企业理论是企业的合约理论 ,而合约的“不完全性”又是其逻辑前提。例如 :委托代理理论、股东至上论、剩余控制权的“独享”或“分享”论等都离不开合约的“不完全性”命题。但是 ,这些理论之间是存在矛盾的。研究发现 ,矛盾根源于“不完全合约”理论自身存在逻辑上的“悖论”。进一步分析发现 ,合约理论的“悖论”又根源于企业产权理论中的“两权分离”说。本文提出“资本分裂”说 ,以解决“两权分离”导致的矛盾。“资本分裂”说要求对企业的本质及其相关企业理论做重新解释 ,进行企业理论创新。

The main firm theory is that of contracts, in which the incompleteness of the contracts makes up its logical premise and so a proposition of the theory of principal-agent , of share holder primacy of either control rights monopolized or shared, etc. However, But there is inconsistency between these theories. The inconsistency, discovered by research, originates from paradox existing in the theory of Incomplete Contracts, which comes from theory of separation of two rights (separation of ownership and control right).This contradiction leads the practice to chaos, that is, by the actual theory there being some unexplainable and unsolvable problems in management and governance of the firms. In this paper, a theory of capital-division is put forward in place of that of two-right separation, which gives a new explanation of the nature of firm and of related firm theories