控股公司、集团公司这类H型组织在市场经济占有较大比例,但目前还很少从理论上探讨其治理基础的文章。本文以委托-代理理论为基础,在构建分析模型的基础上,提出H型企业存在的根源是政府规制、有限责任制度,以及最重要的、有限理性条件下的信息不对称。 H-type organizations such as holding companies and group companies occupy a large proportion in the market economy, but there are few articles that theoretically discuss the basis of their governance. Based on the principal-agent theory, on the basis of building an analysis model, this paper proposes that the root cause of the existence of H-type enterprises is the government regulation, the limited liability system and, most importantly, the information asymmetry under the limited rationality.