2人力资本产权

20021:(361005):,,,,:,,,,,:,()(shareholders),,:,,,,,,,,,,,(shareholder2focusedtheory)(shareholderprimacy),,2060TW,8091©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.,,;,,(,1995),,2080(1999)(multipleprincipalagenttheory),(stakeholdertheory),,:,(Gorton,schmid,2000),,,(,1996),,(1997),,(Rajan,Zingales,2000;,2001),,,(power),,,,,,,,(,1997),,,,,,,,,,,;,(),,:,?,?,,,02,,;(,2001)©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.,,,,,,,,,,,,,:,,,,,,()(),,,,,,,,,,,,,,,,,,,,,,,,,,,,,,(,1968),(Rajan,12©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.Zingales,2000),,,,,,:11,,,,,,,21,,,,,,,,1980s21990s(Holmstrom,Kaplan,2001),;31(),,41,(stakeholders),,,,,,,,(,1997),,(),(),,(),,,,,(,2001),,22©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.,:,,,;,,,,,:,,,,,,(,1996),,,,(),,,?,(),,,,;,,,,(),,,,(),,,,,32,:,,:,©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.,,,,,(),,;,,,,,;,,,,,;,,,;,,,,,,,,,(),,,,,,,,,,,,?,???,,,,,,42©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.,,,,,,StigleandFriedman,,;,,(,1996),,,,,,,,:,;,,;,;,,()(),,;,,,,;,;,,,,,,:,,,,,,,,(,2001),,,,,;,,(),,,,,,,,52©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.,,,,,,;(1):[M],,19959(2):[R]http:öönobel.126.com.1999(3)TW,[A],,19964(4)::[J],19966(5):[J],19976(6):[J],20013(7):[R],2001(8)GaryGortonandFrankschmid,2000:ClassStruggleInsidetheFirm:AStudyofGermanCodetermination,NBERWorkingPaperNo.7945,October,http:öö(9)RaghuramG.RajanandLuigiZingales,2000:TheGovemanceoftheNewEnterprise,NBERWorkingPaperNo.7958,October,http:öö(10)BengtHolmstromandStevenN.Kaplan,2001:CorporateGovernanceandMergerActiv2ityintheUS,NBERWorkingPaperNo.8220,April;http:öö(P)62©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.