传统的公司治理理论认为,公司治理的目标就是实现股东价值的最大化,即“股东至上”。现代契约理论认为,企业本质上是多边契约的总和。因此,公司治理不仅要重视股东的利益,而且要重视其他利益相关者的利益,即“共同治理”。企业的契约可以分为两类:一类是企业与外部利益相关者之间的契约,如管理者与投资者、债权人、政府、供应商、客户等外部利益集团之间的各种契约;另一类是企业内部的契约, The traditional theory of corporate governance believes that the goal of corporate governance is to maximize shareholder value, that is, “shareholder supremacy”. Modern contract theory holds that an enterprise is essentially the sum of multilateral contracts. Therefore, corporate governance should not only pay attention to the interests of shareholders, but also attach importance to the interests of other stakeholders, that is, “common governance.” Corporate contracts can be divided into two categories: one is the contract between the enterprise and external stakeholders, such as various contracts between managers and investors, creditors, government, suppliers, customers and other external interest groups; One is the contract within the enterprise,