一、衍生企业的控制权分配企业的契约理论认为,公司是一个包括股东与经理人在内的不同主体的不完全契约的集合,由于契约的不完全性,企业财产的控制权在所有者与代理人之间因而呈现一定的分配结构。对于企业的控制权结构,根据格罗斯曼和哈特(Gross-manHart,1986)的论述,可以将? I. The Allocation of Control Rights of Derivatives According to the contract theory of enterprises, a company is a collection of incomplete contracts of different subjects including shareholders and managers. Due to the incompleteness of contracts, Therefore, there is a certain distribution structure between agents. For the control structure of an enterprise, according to Grossman’s argument (1986)