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两权分离不仅要求所有者委派审计进行外部监督以防范经营者可能给所有者带来的风险,而且要通过制定相应的风险防范制度(或制度契约)并要求经营者或者公司在经营管理活动中遵从这些制度。由于经营管理活动及其过程与这些制度的要求完全融合,从而使得这种风险防范具有内生性。所有者通过外生性的外部监督和内生性的制度遵循进行风险控制,而内生性的制度大多与财务和会计密切相关,制定这些制度并保证其执行也属于出资者财务的范畴。
The separation of ownership not only requires the owner to appoint an audit for external supervision in order to prevent the risk that the manager may bring to the owner, but also through formulating the corresponding risk prevention system (or system contract) and requiring the manager or the company in the operation and management activities Follow these rules. Because of the integration of management activities and processes with the requirements of these systems, this risk prevention is endogenous. Owners follow risk control through exogenous external oversight and endogenous systems, while endogeneity systems are mostly closely related to finance and accounting. The development of these systems and their implementation also fall within the financiers’ finances.