發布時間：2021-08-23 發布人：山東股章瀏覽次數：679次 來源：www.newadnetwork.com
As for the arrangement of ownership structure, what is appropriate? This requires further specific analysis. Excluding the differences in the history, culture and economic development process of different countries, in terms of "economic point of view", the choice of ownership structure involves two key costs:
First, the risk cost, that is, the risk loss caused by the direction of investors' investment;
The second is the cost of governance, that is, the cost of maintaining the high efficiency of corporate governance. It mainly includes the cost of the organizational structure of governance itself and the cost of organization and coordination of governance activities.
The above two costs are closely related to the concentration and dispersion of equity. If the company has a controlling shareholder; According to the principle of matching ownership with residual income right, most of all benefits obtained by the enterprise should belong to the investor; Driven by interests, investors will use all systems and means to actively monitor the business behavior of operators in order to pursue the maximization of interests.
This kind of monitoring by investors belongs to internal monitoring, so the monitoring cost is less and the governance cost is low; However, due to the high concentration of shares in the hands of one investor, the investment risk is high and the risk cost is high for investors, and the acceptable risk of investors will increase with the increase of the size of the company (Demsetz, 1995). Therefore, owners who invest a lot of money in a company are more likely to advocate the strategy of low-risk companies.
Governance cost is a curve inclined from top left to bottom right. It means that the higher the ownership concentration, the lower the governance cost; The risk cost curve is inclined from the bottom left to the top right, which reflects that the higher the equity concentration, the higher the risk level. Therefore, the more concentrated the equity, the higher the risk cost and the lower the governance cost; The more dispersed the equity, the higher the governance cost and the lower the risk cost.
What kind of ownership structure to adopt depends on the total cost caused by the balance of the two. Point a is the intersection of governance cost curve and risk cost curve. This point is a good point for equity concentration, because it corresponds to point B at the low end of the total cost curve. However, because the risk cost is difficult to measure and the system risk cannot be eliminated, even if its quantity can be measured, the cost of measurement will be very high