【作者】 杨春清；

【导师】 朱卫东；

【作者基本信息】 合肥工业大学 ， 会计学， 2013， 博士

【摘要】 增加价值是企业所创造的全部新增价值，增加价值的大小反映了企业资源配置的真正效率，与传统的利润指标相比，可以全面的反映企业为社会所做的贡献。当前在我国企业增加价值初次分配领域，出现了偏向资本而员工所得偏低等现象，这不利于社会的稳定和经济的可持续发展。全面、深入的探索增加价值生产、分配及其相互关系、以及背后的基本理论问题，对企业增加价值管理研究具有重要意义。针对这个问题，学者们基于传统企业理论，从不同的视角、运用不同的方法进行了研究。古典与新古典分配理论从价值构成要素，即价值源泉出发，来研究价值分配。随着社会经济环境的变迁和企业组织模式的变化，由委托、代理关系而引出的信息不对称等问题，成为影响企业发展和资源有效配置的重要问题之一，此时研究分配问题，以解决委托、代理关系中信息不对称问题为主，因此产生了以新制度经济学为代表的研究分配问题的新视角。但在企业利益相关者对企业的生存与发展影响日益增强，企业竞争日益加剧的今天，传统分配理论都不能很好的解决今天的现实问题。起源于上世纪60年代，兴起于上世纪80年代的企业利益相关者理论，为解决当今分配领域的问题提供了有益的视角，学者们基于传统的企业理论，并结合利益相关者理论，也取得了一系列研究成果，但由于缺乏合理的企业理论的支撑，使得对分配的主客体界定及分配原则等问题的研究，仍需要深入探讨。鉴于此，以利益相关者理论和集体选择理论为主要理论基础，构建了利益相关者集体选择企业理论，对企业所有权及经营权边界、企业治理特征及企业目标、分配主客体的界定等基本问题进行了细致的研究，在此基础上进一步研究了企业增加价值分配的基本原则，并对分配原则运用计量经济模型进行了实证研究，论文的主要工作与创新如下：（1）提出了利益相关者集体选择企业理论。以利益相关者理论与集体选择理论为主要理论基础，并结合集体行动的两个基本约束条件，提出了治理权具有动态调整性质的利益相关者集体选择企业理论。做了如下几点规范性理论研究：首先、对企业所有权、经营权边界进行了清晰界定。基于所构建的利益相关者集体选择企业理论，对企业的所有权与经营权边界，及两权的动态演化规律进行了界定与论述；其次、提出企业增加价值最大化目标及其约束条件和价值创造特征。根据利益相关者集体选择企业理论的本质内涵，提出了企业价值创造的本质特征及其分析框架，即企业对关系型契约的签订者进行激励，并对具有动态调整特征的关键利益相关者进行控制权配置，从而有利于实现知识创造进而创造更高的增加价值，并从逻辑上推导了企业经营的目标——增加价值最大化及其约束条件；第三、对参与企业增加价值分享的利益相关者进行了界定。基于所构建的利益相关者集体选择企业理论，并结合经拓展的麦克尼尔（LAN. R. Macneil）的契约观，对参与增加价值分享的利益相关者进行了区分与界定，并研究了其在企业增加价值分享上的差异。这些工作为研究增加价值分配原理与原则提供了最基本的理论。（2）提出了企业增加价值分配基本原理和原则。基于利益相关者集体选择企业理论的价值创造性质及其分析框架，结合并拓展了麦克尼尔契约性质理论，论述了企业增加价值分配的基本原理，即根据企业利益相关者契约性质决定其分享企业增加价值。根据增加价值分配的基本原理，进一步提出了增加价值分配的4条基本原则。（3）对企业增加价值分配现状及分配理论等进行了实证分析研究。文章利用国泰安数据库（CSMAR）中我国上市公司数据，对文章所提企业目标及分配原则等进行了实证检验。首先、对我国上市公司增加价值分配结构现状及其决定因素进行了系统研究，并着重研究了员工薪酬的分布现状及其特征。用统计分析和结构方程建模分析方法进行了研究，得到主要结论是，我国企业增加价值在初次分配领域中，政府及股东份额相对较高，而员工所得份额相对较低，影响目前这种分配现状的非竞争市场因素主要有地区因素、所有制因素及行业因素等；其次、对分配原则进行实证检验。实证发现：（ⅰ）企业合理满足利益相关者的利益诉求将更有利于企业增加价值的生产，说明了利益相关者集体选择企业理论与企业增加价值最大化目标具有内在一致性；（ⅱ）相对于不顾企业绩效而单纯的提高薪酬来说，对关系契约签订者的员工实行弹性薪酬分配更有利于增加价值的创造，说明了关系契约签订者共享剩余分配的激励效果更明显。实证研究的最终结果表明：利益相关者集体选择企业理论与企业增加价值最大化目标、利益相关者满足的分配机制与激励机制具有内在一致性。更多还原

【Abstract】 Added value is the all added value created by the enterprise, and its big or small reflects the realefficiency of resource allocation, and also reflects the total value of contribution for the society, andthe enterprise combining the factors of production. Compared with the traditional profit index, theadded value can reflect comprehensively enterprise’s contribution for the society. In addition, in thefirst distribution areas of added value of our country enterprise, it appears that Capital allocation toomuch while the employees’ income is on the low side, This is not conducive to social stability andsustainable development. Thus, it has important significance for enterprise’s added value research ifwe comprehensive and in-depth explore the added value production, distribution, their mutualrelationship, and the basic theory behind the problems.Scholars have studied this problem from different view Angle, using different methods based onthe theory of traditional enterprise, Distribution of classical and new classical theory study the valuedistribution from value of the components, that is, starting from the source value. Along with thesocial economic environment change and the change of enterprise organization model, the problemsas information asymmetry caused by the principal-agent relationship become one of the importantissues which influence enterprise development and the efficient allocation of resources. At this time,the research of distribution of added value is focusing on solving asymmetric information problemsbecause of the principal-agent issue, produced a new perspective of research on added valuedistribution by the new institutional economics. But the traditional distribution theory can notsolve very well the problem of the reality of today when enterprise stakeholders influence toenterprise’s survival and development is growing stronger day by day and enterprise competition isintensifying. The stakeholder theory, which origins to the1960s and rises in the1980s, provides auseful perspective for solving the problem of distribution field of today. Scholars have made a seriesof research results based on traditional enterprise theory and combined with the stakeholder theory.But it is still unclear about defining the subject and object of distribution and allocation principlesbecause of lacking of reasonable enterprise theory support.Given this, in this paper, we research focusing on the enterprise theory of stakeholder collectivechoice, the border of enterprise ownership and management, corporate governance characteristicsand corporate goals, and defining the subject and object of distribution and the allocation principles,based dominating on the stakeholder theory and the collective choice theory—The theory is apowerful tool to analysis group’s interest and the collective action. Enterprise is actually a contractconnecting of stakeholder collective choice seeing from the perspective of stakeholder, possessingthe nature of the collective choice. At the same time, for some allocation principles using econometric models to empirical research. Paper’s main work and innovations are as follows:1. Puts forward the enterprise theory of stakeholder collective choice. The paper puts forwardthe enterprise theory of stakeholder collective choice that its administrative power is in the nature ofdynamic adjustment, based primarily on stakeholder theory and collective choice, and combiningwith the two basic constraints of collective action. Based on the theory, the paper made the followingimportant normative theoretical study: First, the enterprise ownership and management of boundaryare clearly defined. The paper defines the enterprise ownership and management of boundary, andalso discusses the dynamic evolution rule of the enterprise ownership and management of boundary.Second, the paper puts forward the added value maximization goal of enterprise, its constraintcondition, and characteristics of value creation of enterprise——It is very important for enterprise tostimulate the people who sign the relational contract, to stimulate knowledge creation in order tocreate more added value. At the same time, the paper infers logically the goal of enterprisemanagement——added value maximization and its constraints. Third, the paper defines thestakeholders who take part in sharing the enterprise’s added value. Based on the enterprise theory ofstakeholder collective choice structured in this paper, and combining LAN. R. Macneil’s contractview, the paper differentiates and defines the stakeholders who participate to share the added value,and also study the discrepancy of sharing the added value of stakeholders. All the work provides themost basic theory foreshadowing for studying allocation principle and tenet of added value.2. The paper puts forward the allocation principle and tenet of enterprise added value. Based onnature of value creation of enterprise theory of stakeholder collective choice, and combining andexpanding LAN. R. Macneil’s theory of the contract nature, the paper discusses the basic principle ofadded value distribution of enterprise——it is the characteristic of sharing the added value ofenterprise of stakeholder which is determined by the stakeholders’ nature of contract of enterprise. Inthe end, the paper further puts forward the four basic principle of added value distributionaccordance with the allocation principle of enterprise added value.3. The paper has carried on the empirical research on the enterprise goal and allocationprinciple proposed by the paper. Making use of the data of listed companies in our country proposedin CSMAR, the paper has carried on the empirical research on the enterprise goal and allocationprinciple proposed by the paper. First, the paper systematic studies present situation of distributionstructure of enterprise added value of our listed company and its determiner, and also studies stresson current distribution status of employee’s compensation and it’s characteristic. Seeing from theresults of statistical analysis, the government and shareholders share is relatively high while theemployee’s income share is relatively low in the primary distribution areas of added value of ourcountry. Research also find that the main un-competitive market factors which influence the current allocation of added value distribution are areas, ownership, industry and so on. Second, the papergives an empirical test on distribution. The empirical finding:(ⅰ) It is more conductive to produceadded value of enterprise if stakeholder interests were meet reasonably by enterprise, whichillustrates that its goal is consistent between enterprise theory of stakeholder collective choice andadded value maximization goal of enterprise.(ⅱ) It is made more for creating added value ifemployee, who sign relational contract with enterprise, receive elastic income relative to pure raisepay regardless of the enterprise performance, which manifests that the incentive effect of is moreobvious in formula.The final result of empirical research shows that enterprise theory of stakeholder collectivechoice, added value maximization goal of enterprise, to meet the allocation mechanism and incentivemechanism of stakeholders have internal consistency.更多还原