一、契约理论和强制信息披露现代企业制度中,所有权和经营权相分离,投资者与经营者之间形成以资本受托管理为主要内容的企业受托责任。投资者将资本投入企业,托付经营者进行管理和经营。根据科斯奠基的“契约理论”,企业是一个在其框架中由相互合作的大量生产要素所有者达成的 First, the contract theory and mandatory disclosure of information Modern enterprise system, the separation of ownership and management, investors and managers to form a trustee of capital management as the main content of the fiduciary responsibility. Investors will invest capital in enterprises, entrust operators to manage and operate. According to Coase’s “contract theory,” a firm is a firm that is governed by a large number of factors of production who cooperate with each other in its framework