股份有限公司剩余索取权分配机制及其公理化研究

The Residual Claim Assignmem Mechanism of Stock Corporation and Its Axiomatic Analysis

关于股份有限公司剩余索取权的分配问题,新古典产权学派和利益相关者学派均缺乏系统的研究。文中建立了股份有限公司剩余索取权分配的数学模型,分析了公司剩余索取权分配机制的不公平现状。基于公理化分配理论,对平均分配机制、基于合作对策的分配机制以及序列分配机制进行了公理化研究和比较,最后建立了两阶段剩余索取权分配模型,将Shapley Shubik公式和序列分配机制分别应用于第一和第二阶段剩余索取权的分配。分析表明,这种方式是公平有效的。

The research of the residual claim assignment of stock companies is not dealt with either in new classical property right theory or stakeholders theory. The residual claim assignment model of stock companies is set up. The unfair actuality of the residual claim assignment is discussed in detail. Based on the axiomatic distribution theory, the average pricing, the cooperation game theory and the serial pricing are compared with axiomatic analysis. Finally, a twophase model of residual claim assignment is set up. The ShapleyShubik method and the serial pricing are used in the two phases respectively. This method is proved to be justice and efficient.