【作者】 夏扬贵；

【导师】 蒋恩尧；

【作者基本信息】 沈阳工业大学 ， 工商管理， 2004， 硕士

【摘要】 企业剩余索取权是指对企业总收入扣除所有固定合约支付后的剩余额的要求权。在现代企业所有权安排中，剩余索取权的安排是一项非常重要的合约安排，它关系到企业各个利益相关者，对企业的发展有着决定性的影响。 本文采用理论联系实际的方法，深入企业改革活动中，掌握了大量第一手材料，然后结合管理学、决策学、数理经济学、博弈论等方面的理论对相关内容进行了分析和论述，从而得出本文的结论。 由于企业各利益相关者处于信息非对称条件下，即各个利益相关者所掌握的信息是不对等的，往往有的人掌握的信息较多，而另外的人则掌握的信息较少，所以本文研究的前提条件是信息非对称。 在此条件下，本文讨论了企业剩余分享主体的问题——哪些利益相关者参与分配：剩余计量规则制定权合约安排的问题——谁享有规则制定权；剩余索取权的分享比例、分享形式等问题。关于剩余分享主体的问题，我们认为，在现阶段企业剩余主要应该在股东和经营者之间进行分配。关于剩余计量规则制定权合约安排的问题，我们认为剩余计量规则的制定权安排给经营者享有比较合适。关于剩余索取权的分享安排问题，首先是分享比例问题，我们在张维迎的激励模型中加入了监控因素，从而使结果和实际更加接近：其次是分享形式问题，在目前众多的分配形式中，我们认为经营者股票期权是其中最为有效的一种。本文的研究结果对于当前正在进行的国有企业改革具有重大的借鉴意义。 国有企业改革的难点在于产权，而剩余索取权是产权的一个非常重要的方面。剩余索取权能否安排妥当，关系到国企改革成败的问题。因此本文的研究结果具有重大的实践意义。更多还原

【Abstract】 The right of residual claim is a right claiming to the balance that the gross income of the corporation deducts the total payment of the fixed contracts. The contract of residual claim is one important part of the contract of ownership. It comes down to each stake-holder and has decisive influence on the development of the corporation.This essay adopts the means: theory connecting with reality. First mastering a lot of first-hand materials, then analyzing and expounding the interrelated content basing on the science of management, decision-making, mathematics economy and game theory, finally reaching the conclusion.Because the stake-holders are under the condition of asymmetric information, i.e. the information each stake-holder mastered is not peer-to-peer i.e. often someone has more information than others. So the premise of this essay is the condition of asymmetric information. Under this condition, this essay discusses the below question.First is the problem of sharing principal part, namely, which stake-holders participate into the sharing. Second is the problem of the right of determining the residual measurement rules i.e. who shares the determining right. Third is the problem of sharing proportion, sharing forms. With regard to the first one, we think it is appropriate that stockholder and manager share the residual claim. As far as the second one, we think it is appropriate that the right of determining the residual measurement rules is arranged to the managers. As for the third one, one is sharing proportion, we improved Zhang Weiying’s incentive model, thus making the verdict more close to the reality; the other is sharing form, we think ESO is the most effective form in the multitudinous distribution forms. The conclusion of this essay has significant meaning to the reformation of state-own enterprises going on.The difficulty lies in property, whereas the right of residual claim is one very important aspect. So whether the right of residual claim can be arranged pertinently relates to the successor failure of the reformation of state-own enterprises. Consequently, the conclusion of this essay has momentous practicing meaning.更多还原