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Human capital contribution can not only suit the jequirity of the contribution objective, but also embodies the affectivity and justice of the law.

人力资本出资的既符合公司法对出资标的的适格性要求,又体现法理学追求的利益、效率、正义等价值目标。

In order to dodge these proxy costs and the benefit conflict, the company domination disposition and the capital structure choice question changes extremely importantly.

为了规避这些代理成本和利益冲突,公司控制权的配置和资本结构的选择问题变得十分重要。

Rational use of financial leverage equity capital to businesses brought about by the additional revenue, that is, the interests of financial leverage.

合理运用财务杠杆给企业权益资本带来的额外收益,即财务杠杆利益。

The term of the market economy next, the bane performance that person cure is:Be in need of the public power that control look for with norm to collaborate with capitally mutually, using public resources as the group to seek the benefits with individual, every kind of corrupt problem deluge, government at people position in the heart with letter descend.

市场经济的条件下,人治的危害表现为:缺少约束与规范的公共权力寻求与资本的相互勾结,用公共资源为团体和个人谋求利益,各种腐败问题泛滥,政府在人民心目中的地位和威信下降。

Research of the contradictories and theirevolvement is the emphasis and nodus in this paper. Contradictories includesauthorities and institution, multi-value and moral risk, harmony and competition, theyare represented as unbalanced transformation among authorities, capital and benefits;deviation between institutional rule and living logic; individual rationality andcollective choice; commonland tragedy; inside controlling and power renting.

系统中的矛盾及其演化分析是研究的重点和难点,主要从权力与制度、多维价值与道德风险、和谐与竞争三个角度展开,其中,权力与制度层面的矛盾包括权力、资本与利益的非均衡转化以及制度规则与生活逻辑的背离;多维价值与道德风险中包括个人理性与集体选择、公地悲剧、内部人控制与权力寻租。

Chapter 8 reviews the theory of interest group in financial development and put out its policy implications for our financial development, that is, to restrict the negative effects of interest groups on financial development through completive competitions.

另外,结合我国的具体情况,该章对我国利益集团影响金融发展所作的政策思考归结到一点就是要继续推行全方位的开放政策,通过全面的竞争来制约利益集团对金融发展的负面影响。第九章在简要辨析信任与社会资本概念的基础上,对信任与金融发展关系的理论与实证研究进行综述。

This paper carries out study on corporate governance based on system theory, advances concept of corporate governance, analyzes and abstracts system core of corporate governance from the point of mechanism by means of study on environment energy-rank principle, running mechanism and model of corporate governance. This paper analyzes mechanism of stimulation and restraint by using game theory, verifies effect of stock right structure on efficiency of corporate governance in view of connection between capital and corporate governance, gives method of resolving optimum stock right limit of collection and deconcentration and adventure share model of blending capital, and discusses problem of entrance of stakeholders to corporate governance etc.

本论文以系统理论为基础对公司治理结构进行了研究,提出了公司治理结构系统的概念,分析提炼出了公司治理结构系统核,并通过对公司治理结构系统环境、系统能级原理和系统运行机制与模式的研究,从机制的角度分析了公司治理结构系统运行模式;运用博弈论对公司治理过程中的激励约束机制进行了分析;针对资本结构与公司治理结构的关系,运用模型验证了股权结构对公司治理效率的影响,给出了求解最佳股权集散度的方法和融资风险分担模型;探讨了利益相关者介入公司治理结构的问题等等。

The data of China's listed companies corporate governance mechanism shows fully the lack agency cost is not less than 9%. An Empirical Analysis of the variables also prove that the company's production efficiency and effectiveness of capital importance to the interests of investors and operators to the extent there are positive, with the operator to maximize the freedom to pursue their own interests inverse relationship exists.

中国上市公司的数据充分说明公司治理机制欠缺的代理成本不会低于9%,各代理变量的实证分析也证明公司的生产效率和资本效益与经营者重视投资者利益的程度存在正向关系,与经营者追求自身利益最大化的自由度存在反向关系。

Profit is not aim, but means. It should become the capital for reproduction instead of the money for showiness and enjoyment.

利益是手段而不是目的,利益应该成为再生产的资本,而不是浮华和享乐的本钱。

With the concept of assets credit and the goal of efficiency and safety,we should establish and modify both capital system of Chinese companies and some related systems so as to enforce its strength,to raise its internat...

以资产信用为理念、以效益和安全为目标完善我国公司资本制度,同时建立和完善相关配套制度,以促进公司的发展壮大,提高公司的国际竞争能力,真正实现公司、股东利益和债权人利益的合理平衡。

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