CAJ | 학술논문

现代公司治理的重要问题之一就是控制权的配置，陈晓和黄光裕两方在2010年国美电器的控制权争夺过程中除了资本和股权较量之外，抢占道德的制高点以获取投资者和媒体舆论的支持也是双方口诛笔伐攻击对方的重要手段。本文从道德伦理的角度分析陈晓和黄光裕双方的行为，比较了双方所声称的控制权配置模式所依据的公司治理理论，认为相对均衡的控制权配置应该保证股东和经理人的交易和收益分配具有激励兼容的特质，保证企业成员在追求各自利益的同时实现利他的共赢。但是，当前的控制权配置体现了股东和资本的意志，道义上的批判和道德责任不能决定控制权的配置，也不能仅仅凭借道德约束来建立现代企业制度和完善公司治理结构。
현대공사치리적중요문제지일취시공제권적배치，진효화황광유량방재2010년국미전기적공제권쟁탈과정중제료자본화고권교량지외，창점도덕적제고점이획취투자자화매체여론적지지야시쌍방구주필벌공격대방적중요수단。본문종도덕윤리적각도분석진효화황광유쌍방적행위，비교료쌍방소성칭적공제권배치모식소의거적공사치리이론，인위상대균형적공제권배치응해보증고동화경리인적교역화수익분배구유격려겸용적특질，보증기업성원재추구각자이익적동시실현이타적공영。단시，당전적공제권배치체현료고동화자본적의지，도의상적비판화도덕책임불능결정공제권적배치，야불능부부빙차도덕약속래건립현대기업제도화완선공사치리결구。
The control right allocation is one of the important issues in modern corporate governance .In the dispute of control right in Gome in 2010 , besides stacking up against each other in capital and stock right , Chen Xiao and Huang Guangyu regarded seizing the moral high ground to gain supports from investors and media as an important means to de -feat each other .This paper analyzes Chen and Huang′s behavior and compares the two different corporate governance the -ories they claimed from the moral and ethical perspective , and the results suggest that relatively balanced control right al-location should ensure that the trading and income distribution between shareholders and managers has the character of incentive compatible.As a result, enterprise members could achieve an all -win in the pursuit of their own interests. However , the control right allocation reflects the will of shareholders and capitals .The control right allocation cannot be decided by criticizing and responsibility from the moral and ethical perspective .Similarly, modern enterprise system can-not be established and corporate management structure cannot be perfected by ethical imperative .