本文运用超产权论的分析框架对集体乡镇企业的治理机制进行了系统分析。研究表明,企业治理机制的功能完善与企业产权私有化与否没有必然联系,集体所有制同样可以有效地解决经理的努力、能力及企业资源需求问题,从而实现企业的良好发展。 This paper analyzes the governance mechanism of collective township and village enterprises by using the analytical framework of the super property rights theory. The research shows that the improvement of corporate governance mechanism is not necessarily related to the privatization of enterprise property rights. Collective ownership can also effectively solve the problems of manager ’s efforts, capabilities and enterprise resource requirements so as to achieve good development of the enterprise.