利益相关者集体选择与企业所有权安排.docVIP

利益相关者集体选择与企业所有权安排 Wang Zhu-quan1，Chen Li2 School of Management, Ocean University of China,P.R.China, 266071 摘要：本文将企业的所有权安排放入集体选择理论的分析框架内进行研究，认为企业的所有权安排是利益相关者集体选择的结果。文章从利益相关者都是天然的占有企业剩余索取权的观点出发，认为利益相关者各自风险偏好的不同使企业内部所有权的转让成为可能，企业最后形成的所有权配置格局是利益相关者就其所占有的所有权自由转让的结果。文章进一步将利益相关者关于企业所有权安排的集体选择过程分解为两个阶段，阶段一企业利益相关者就彼此分享剩余的比例进行博弈，最终各个利益相关者的分享份额由各自的相对影响力和集体选择制度决定。阶段二风险规避者或固定合同收入偏好者为了规避剩余带来的不确定性，将自已所占有的所有权进行转让，所有权交易双方就转让价格进行讨价还价，最终交易价格的确定由交易双方的谈判力等决定。企业利益相关者关于所有权安排的集体选择过程正是企业优化风险配置的过程。 关键字：所有权,利益相关者,集体选择 Abstract: Ownership arrangement is the core of corporate governance. In this paper, we analyse the enterprise ownership arrangement in a framework based on the theory of stakeholders’ collective choice. This paper begins with the point of view that all the stakeholders have the right to share the residual?earnings. We think the difference of risk preference among the stakeholders makes the ownership transfer possible , the structure of ownership arrangement is the result of the free transfer of ownership among the stakerholders. Go step further, the course of the stakeholders’ collective choice about enterprise ownership arrangement can be divided into two small processes. In the first process, the stakeholders make the choice of the shared proportion of residual?claimancy with each other, and the proportion a stakeholder could get depends on both his comparative influence and the collective choice mechanism. In the second process, in order to aviod the uncertainty brought by the residual?earnings, the person who averses risk will sell his residual?claimancy.The stakerholders bargain with each other ,and the final price depends on the stakeholders’ability of negotiation which is mostly affected by the ability of risk sufferance.The process of stakeholders’ collective choice about enterprise ownership arrangement is also the process of optimizing the enterprise’s risk arrangement. Keyword:Ownership,Stakeholders,Collective choice 企业所有权安排是公司治理的核心，关于此内容的讨论学术界一直没有停止过，有了很多的成果，但分歧也是