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现代企业理论认为,存在代理问题和不完全合同的情况下,公司治理问题就将产生。公司治理可以看作是对初始合同中没有特别规定的问题作决定的一种机制。了解公司治理,有助于,第一,在所有权和控制权分离的情况下,解决所有者和经营者之间的委托代理问题,从而保证股东利益最大化的问题;第二,在股权分散的条件下,解决不同所有者之间的利益冲突,特别是保护中小股东不被大股东侵犯的问题;第三,在股东追求利益最大化的情况下,协调利益相关者之间关系的问题。本刊特邀请两位学者就此问题做了详细阐述,以期为广大企业管理者提供参照。
Modern enterprise theory believes that corporate governance problems will arise when there are agency problems and incomplete contracts. Corporate governance can be seen as a mechanism for making decisions on issues that are not specifically stipulated in the initial contract. Understanding corporate governance helps to, first, solve the problem of entrusted agency between owners and operators in the case of separation of ownership and control rights, so as to ensure the maximization of shareholders’ interests. Second, the dispersion of equity Under the circumstance, solve the conflict of interests between different owners, especially the issue of protecting small and medium-sized shareholders from being infringed by large shareholders. Third, under the circumstance that shareholder pursues the maximization of interests, coordinate the relations among stakeholders. The magazine invited two scholars to elaborate on this issue in order to provide reference for the majority of corporate managers.