Legal Dogmatic Analysis on the Principal-agent System for the Whole-people Ownership of Natural Resource Assets
The purpose of this study is to analyze the legal nature of the principal-agent system for the whole-people ownership of natural resource assets and to clarify its fundamental position in the current legal framework of China.The research method is legal dogmatic analysis.This research results show that the principal-agent system should be considered as a legal regime,and must contain a theoretical meta-content,where the principal is legally required to bear consequences resulted from his agent's legal actions.The interest distribution mechanism incorporated within the principal-agent system for the whole-people ownership of natural resource assets fundamentally contradicts the theoretical meta-content,preventing this regime from being categorized in the law field,typically the principal-agent system in the civil and commercial law area.Considering that the core thread of the principal-agent system for the whole-people ownership is to solve the problems of incentive failure and adverse selection,it coincides with the agency theory in the context of economics.In conclusion,the principal-agent system for whole-people ownership is not a legal regime,instead,it belongs to a constitutional economic system.When it manifests as a legal system,its normative essence is that of a unique guardianship regime.Based on the fundamental structure of the guardianship system and an analysis of the interests and trade-offs involved in government participation in such relationships,a national trust system distinct from existing civil,commercial and public welfare trusts should be established.This national trust system would serve as the implementation mechanism for the entrustment of agency for natural resource assets owned by all the people,thereby fully realizing the triple value of these assets as ecological products,economic resources and state-owned assets.
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