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本文基于企业的契约理论 ,将企业所有权安排视为要素所有者市场交易的结果。因此 ,要素所有者的选择是构造企业所有权的基础。而要素所有者的选择依存于企业面临的技术条件和市场环境。由于不同企业在不同时期面临不同的技术条件和市场环境 ,所以并不存在一个普适性的最优所有权安排或企业制度。但是 ,只要存在一个以排他性要素所有权为基础的、充分发育、完善的竞争性市场体系 ,理性的要素所有者的自由选择和交易 ,将会自动优化企业所有权安排 ,从而实现约束条件下的最大化要素收益以及企业总体净收益。因此 ,重要的不是设计优化的企业所有权安排 ,而是通过为相关资产建立排他性产权 ,构造和培育市场关系 ,从而在自愿的市场交易中优化企业所有权安排。
Based on the firm's contract theory, this paper treats the ownership arrangement as the result of market transactions by the factor owners. Therefore, the choice of factor owners is the basis for building ownership of the business. The choice of factor owners depends on the technical conditions facing the business and the market environment. Because different enterprises face different technical conditions and market environment in different periods, there is no universal optimal ownership arrangement or enterprise system. However, as long as there is a well-developed and perfect competitive market system based on the ownership of exclusive elements, the free choice and transaction of the rational factor owners will automatically optimize the arrangement of ownership of the enterprise so as to maximize the constraints Factor income and overall corporate net income. Therefore, it is not important to design an optimized business ownership arrangement, but to optimize the ownership of the business in voluntary market transactions by establishing an exclusive property right for the underlying asset, constructing and fostering market relationships.