摘要
鉴于越来越多的公司采用和借鉴双层股权结构和动态“合伙人制度”,质疑在传统理论基础上构建的财务资本占据主导地位的公司治理结构合理性,并对公司资本结构与治理结构关系及其与企业绩效的关系做了梳理和研究,提出企业资本结构与治理结构关系正从物类价值为本向人类价值为本演进的命题。借此,勾画财务资本雇佣劳动信念、财务资本与劳动和谐信念和数据、资本与劳动和谐信念形成与强化基础上,形成生产导向型企业财务结构与治理结构、顾客导向型企业财务资本结构+人力资本结构与治理结构和用户导向型企业数据资本+人力资本结构与治理结构之逻辑关系,结合企业所有权结构决定企业资本结构,企业经营权结构决定企业治理结构,理论解析追求物类价值为本到人类价值为本的企业资本结构与治理结构关系演变规律。
More and more companies adopt and draw lessons from two-tier equity structure and dynamic “partner system”,this paper challenges the rationality of company governance structure dominated by financial capital based on traditional theory, and explores the relationship between the company capital structure and governance structure, and their relationship company performance, and then puts forward the proposition that the relationship between company capital structure and governance structure is evolving from material-based value to human-based value. In this way, the formation and strengthening of the financial capital employing labor belief, financial capital and labor in harmony belief and data capital and labor in harmony belief pictures the relationship between capital structure and governance structure in the production-oriented companies, the relationship between financial capital,and human capital structure and governance structure in customer-oriented companies, as well as the relationship between data capital,and human capital structure and governance structure in user-oriented companies. According to logics that the company ownership structure determining company capital structure and company management right structure determining company governance structure, this paper explores the theoretical analysis of the evolution of the relationship between the capital structure and governance structure of companies from material-based value to human-based value.
作者
丁胜红
丁文豪
DING Sheng-hong;DING Wen-hao(Nanjing Agricultural University,Nanjing Jiangsu 210095)
出处
《湖南财政经济学院学报》
2019年第4期92-101,共10页
Journal of Hunan University of Finance and Economics
基金
国家社会科学基金项目“互联网配置交易模式下企业会计核算云端化问题研究”(项目编号:16BGL062)
江苏省哲学社会科学基金后期资助一般项目“顾客导向型企业财务预警研究”(项目编号:18JHQ008)
南京农业大学社优项目“基于人本经济发展观的企业人本资本会计报告研究”(项目编号:z521911208)
关键词
资本结构
治理结构
物类价值为本
人类价值为本
capital structure
governance structure
material-based value
human-based value
