CAJ | 학술논문

已有文献对企业边界的探讨一直在产权理论与不完全契约理论下展开，由于其假设的非现实性，难以对并购等企业边界调整的现实作出合理解释。本文在詹森等人工作的基础上．从公司治理的视角分析了企业边界的变动情况．提出企业具有经济边界和组织边界两重边界．通过构建基本模型说明股权分散型公司中企业边界的调整由拥有经营管理权的企业家实施，其调整是企业家才智的体现并由其独立操作。扩大经济边界会增加代理成本，需要必要的治理。组织边界的调整需要股东同意并受治理环境的制约。存在大股东的企业中企业边界的调整则由控股股东或其代理人实施．没有政府干预时企业家会通过边界调整实现企业增长；当政府对企业发展的影响程度增加时．企业家调整企业边界的激励会被扭曲．其经营才智会偏离生产用途。
이유문헌대기업변계적탐토일직재산권이론여불완전계약이론하전개，유우기가설적비현실성，난이대병구등기업변계조정적현실작출합리해석。본문재첨삼등인공작적기출상．종공사치리적시각분석료기업변계적변동정황．제출기업구유경제변계화조직변계량중변계．통과구건기본모형설명고권분산형공사중기업변계적조정유옹유경영관리권적기업가실시，기조정시기업가재지적체현병유기독립조작。확대경제변계회증가대리성본，수요필요적치리。조직변계적조정수요고동동의병수치리배경적제약。존재대고동적기업중기업변계적조정칙유공고고동혹기대리인실시．몰유정부간예시기업가회통과변계조정실현기업증장；당정부대기업발전적영향정도증가시．기업가조정기업변계적격려회피뉴곡．기경영재지회편리생산용도。
A theoretical literature has developed about the boundaries in firms of incomplete contracts and property rights, which can not explain the phenomenon of the firm M＆A. Based on the framework of corporate governance, this paper proposes that there are economic boundary and organizational boundary in a firm. Entrepreneur adjust economic boundary of the firm, which is the utilization of the entrepreneurial talent. The adjustment of organization boundary subject to the approval of investment and are related to the government condition. Based on this line of analysis, the paper proposes that economic boundary is unbounded and entrepreneur have incentive to adjust the organizational boundary. The intervention of government will distorts the allocation of entrepreneurship.