公司管理与产权精要.pptxVIP

case center 1 Corporate management and property rights Armen A. Alchian University of California, Los Angeles case center 1 阿尔奇安，也译“阿尔钦”(Armen A. Alchian) 1914年出生于美国加利福尼亚 1936年获斯坦福大学经济学学士学位 1944年再获斯坦福大学经济学博士学位 1947—1964年，作为一名经济学家，他在桑特·芒尼克·兰德公司任职，此后，他一直在洛杉矶的加利福尼亚大学任教授，是蒙特·佩尔兰学会会员 1974年担任美国西部经济协会会长 1978年被选为美国文理研究院院士 case center 3 学术成就 阿尔奇安的主要贡献在于通货膨胀对普通债券价格影响的分析，财产权制度的影响，竞争过程的长期含意等几个方面。 主要代表作有： 《产权：一个经典注释》 《生产、信息成本与经济组织》与H.德姆塞茨合著等 Why should exchange of corporate property rights be permitted only under restricted conditions,whereas exchanges of noncorporate rights are not equally regulated? Securities company Made public ; the turnover of identical rights is large ; potential costs will be reduced Houses company Not to be open; the turnover of identical rights is small; potential costs savings are insufficient to justify the costs case center 4 Introduction What is there about corporate rights that calls for distinctive treatment? Another argument for compulsory disclosure : The reduction in fluctuation in security prices Separation of ownership and control “Competition is to be restricted by the market power of large corporations as to change the role of competition” “behavior by managers and employers is so insulated from the wealth-increasing interests of the owners that the conventional view of managers operating to increase owners’wealth is no longer germane.” case center 5 Introduction  Reasons: The dispersion of stockholdings in our largest corporations Combined with management advantages in a proxy fight. “Separation of ownership from control” had replaced the expression “dispersion of stockholdings.” case center 6 Introduction  A necessary attribute of ownership is the bearing of the value consequences of resources. Control means the authority to control decisions that will affect the value of resources. This may rest on two factors: (1) knowledge of negligence or inefficiency by an agent will be more expensive to disperse over a majority.