试论所有者与经营者财务的要求权与控制权

A Discussion of the Demanding Right and Controlling Right of Finance between the Owners and Operators

按照"企业是一系列契约的联结"的命题,所有者财务和经营者财务其实只不过是公司治理结构的一部分。企业是由不同要素所有者达成的一个契约,各要素所有者根据各自的投入来向企业提出要求权,而要求权是与剩余控制权相联系的,所以要求权和剩余控制权的统一是提高企业效率的关键。

According to the definition that 'enterprise is the link of a series of contracts', the owners' finance and the operators' finance are merely a part of the corporation's governance structure. Enterprise is a contract which is composed of different elements. The owners of different elements pose different demands to the enterprise in accordance with their inputs. Whereas the demanding right is linked with the remaining controlling right. Therefore the unification of the demanding right and the remaining controlling right are the keys to upgrade the enterprises' efficiency.