Reinterpretation of Independent Director System:Debugging Results of Separation of Ownership and Control by the Team Production Model of Company Law
The separation of ownership and control is regarded as the basic characteristics of modern enterprises.At the same time,the related contract theory,agency theory and property right theory are also considered as important steps in the theoretic study of the separation of ownership and control,and are all based on Coase's definition of the nature of enterprises as the transaction organization of production factors.Compared with the agency theory,the team production theory does not highlight the strengthening of shareholders'control rights and their ability to negotiate contract restrictions on executives' opportunism.Meanwhile,the team production theory does not conflict with the contract theory,but questions and reflects on the agency theory and explicitly denies the shareholder property rights theory.Via an analysis of the theoretical basis and organizational structure of the team production of the corporate law,it is found that it is still a governance model built on the theory of the separation of ownership and control,and it is consistent with the existence of the independent director system.
the theory of the separation of ownership and controlteam production modelmediating hierarchy systemin-dependent director system
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