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公司治理结构的本质是企业所有权的安排。在企业所有权安排上,公司经历了一个由物质资本独享企业所有权,到物质资本与人力资本分享企业所有权,再到利益相关者共享企业所有权的发展过程。相应地,在公司治理方面,企业经历了从单一的物质资本主导下的单边治理,到物质资本与人力资本共同主导下的双边治理,再到利益相关者之间利益平衡的多边治理的发展过程。
The essence of corporate governance structure is the arrangement of ownership of the enterprise. In the arrangement of enterprise ownership, the company has undergone a development process in which ownership of the enterprise is exclusively owned by material capital, ownership of the enterprise is shared between material capital and human capital, and then stakeholders of the enterprise share ownership of the enterprise. Accordingly, in corporate governance, the enterprises have experienced the development of unilateral governance under the single material capital, the bilateral governance under the common control of material capital and human capital, and the multilateral governance with the balance of interests among stakeholders process.