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本文的核心主张是,企业家珍视公司控制权是因其允许企业家以自认合适之方式追求其愿景(比如,企业家确信会产生高于市场水平回报的商业战略)。基于信息不对称及观点差异,本文在企业家追求特质愿景和降低代理成本以保护投资者之间确定了一个基本权衡点。不同的所有权结构意味着控制权和现金流权的不同分配。例如,集中所有权结构对控制股东和少数股东而言皆创造了价值。公司法应平衡好控制人追求特质愿景与少数股东保护的需要。
The core argument in this article is that entrepreneurs value corporate control because they allow entrepreneurs to pursue their vision in the right way (for example, entrepreneurs are confident of generating business strategies above market-level returns). Based on asymmetric information and differences in perspectives, this article sets a basic trade-off between entrepreneurs seeking a qualitative vision and reducing agency costs to protect investors. Different ownership structures mean different allocations of control and cash flow rights. For example, a centralized ownership structure creates value for both controlling shareholders and minority shareholders. Corporate Law should balance the control of the pursuit of the characteristics of the vision and minority shareholder protection needs.