公司管理与产权..pptx

Corporate management and property rights Armen A. AlchianUniversity of California, Los Angeles case center1Presented by Huiling Tan 阿尔奇安，也译“阿尔钦”(Armen A. Alchian)1914年出生于美国加利福尼亚1936年获斯坦福大学经济学学士学位1944年再获斯坦福大学经济学博士学位1947—1964年，作为一名经济学家，他在桑特·芒尼克·兰德公司任职，此后，他一直在洛杉矶的加利福尼亚大学任教授，是蒙特·佩尔兰学会会员1974年担任美国西部经济协会会长1978年被选为美国文理研究院院士 case center1Presented by Huiling Tan 学术成就阿尔奇安的主要贡献在于通货膨胀对普通债券价格影响的分析，财产权制度的影响，竞争过程的长期含意等几个方面。主要代表作有：《产权：一个经典注释》《生产、信息成本与经济组织》与H.德姆塞茨合著等case center3Presented by Huiling Tan IntroductionWhy should exchange of corporate property rights be permitted only under restricted conditions,whereas exchanges of noncorporate rights are not equally regulated?What is there about corporate rights that calls for distinctive treatment?Securities companyMade public ; the turnover of identical rights is large ; potential costs will be reducedHouses company Not to be open; the turnover of identical rights is small; potential costs savings are insufficient to justify the costs case center4Presented by Huiling Tan IntroductionAnother argument for compulsory disclosure :The reduction in fluctuation in security prices Separation of ownership and control“Competition is to be restricted by the market power of large corporations as to change the role of competition”“behavior by managers and employers is so insulated from the wealth-increasing interests of the owners that the conventional view of managers operating to increase owners’wealth is no longer germane.”case center5Presented by Huiling Tan IntroductionReasons: The dispersion of stockholdings in our largest corporations Combined with management advantages in a proxy fight.“Separation of ownership from control” had replaced the expression “dispersion of stockholdings.”case center6Presented by Huiling Tan IntroductionOne empirically meaningful interpretation of the expression greater separation of control from ownershipA necessary attribute of ownership is the bearing of the value consequences of resources.Control means the au