论公司股权结构与职业经理人代理权的独立

摘要

In recent years,the professional executive＇s equity is frequently infringed and the dispute of the shareholders＇ shareholding or change seriously affect the independence of the professional executive.According to the fundamental theory of the limited agency,the difference of corporate equitie structure influences the practice of the professional executive＇s attorneyship.But the relationship between the professional executive＇s attorneyship and the shareholder＇s equity is especially important.Furthermore,the assurance of the professional executive＇s attorneyship contributes to avoiding the risk of the attorneyship interiorization or the equity homogenization.Combining with the variation cases of the corporate equities structure,the paper analyses the influential factors of the independence of the professional executive＇s attorneyship and the countermeasures.%近年来,职业经理人合法权益被侵犯的现象十分频繁,股东之间的股权纠纷或者变动对职业经理人独立执业的影响显著。根据有限代理的基本理论,公司股权结构的差异对保证职业经理人代理权的独立有着明显影响。其中职业经理人的代理权与其持股同公司股东股权之间的关系尤其重要。而且,保证职业经理人代理权的独立有益于避免代理权能的内部化或者股权同质化的风险。本文结合具体公司股权结构变动的案例,分析职业经理人代理权独立的影响因素及应对措施。