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现代企业理论认为,企业是一系列合约的组合,其中最重要的是企业所有权合约,提高企业所有权安排效率的出路是资本所有者拥有剩余索取权与剩余控制权。在这种理论的基础上产生了“股东至上”理论,公司治理采用“股东至上模式”,与此相适应产生了相关的业绩评价体系。但是这种治理模式和业绩评价体系都存在着缺陷,为适应现代公司经营环境的变化,笔者认为,应该采用“共同治理模式”代替“股东至上模式”,并建立与之相适应的业绩评价体系。
The modern enterprise theory holds that a firm is a combination of a series of contracts. The most important one is the contract of enterprise ownership. The way to improve the efficiency of corporate ownership arrangement is that the owner of the capital owns the residual claims and the residual control. Based on this theory, a theory called “shareholder supremacy” has emerged. Corporate governance adopts the “shareholder supremacy model.” In response to this, a related performance evaluation system has emerged. However, this governance model and performance evaluation system are flawed. In order to adapt to the changes in the operating environment of the modern company, the author believes that the “common governance model” should be adopted instead of the “shareholder uppermost model” and a corresponding performance evaluation system should be established .