Research Of Workers' Participation In Company's Management Based On Multi-level Principal-agency Relationship

With the speedy development of economic globalization and technological revolution, competitive environment has put more and more pressure on the existence and development of an enterprise. The performance of an enterprise doesn't lie in short-term production & management decisions during the period of transformation in China. The workers' participation in company's management brings a new method to advance the performance, and is attached importance by academic area and government.From the point of multi-level principal-agency theory, this dissertation takes the workers as a single group and reconsiders the relevant problems about the structure of corporate governance. Considering the relationship between stockholders and workers, between managers and workers, and even among stockholders, managers and workers, this dissertation extends the research dimensions. Furthermore, this dissertation tries to establish the quantitative model of workers' participation in company's management, explores the logical system of workers' participation in company's management based on multi-level principal-agency theory, and studies the mechanism and institution of workers' participation in company's management.In terms of classic model of principal-agency theory, this dissertation constructs the theory frame of workers' participation in company's management based on the multi-level principal-agency, which is analyzed from four dimensions including the structure of corporate governance, the mechanism of corporate governance, the incentives & contracts mechanism and relevant institutional arrangement.The dissertation implies the existence of multi-level principal-agency relationship in the structure of corporate governance. On one hand, the principal-agency relationship between stockholders and workers occurs in corporate governance structure; on the other hand, the principal-agency relationship between stockholders and workers occurs in corporate governance structure considering the workers. Furthermore, the multi-level principal-agency relationship between stockholders, mangers and workers appears in C. G. S. The managers are the connection of multi-level principal-agency relationship because of their dual features. So stockholders can use the obvious indexes to encourage the mangers. At the same time, the workers can supervise managers from the aspect of governance structure.