Structure Of Enterprise Governance Under The United Property Rights Institution

"The Nature of the Firm" written by Coarse is considered to be the first article of the "theory of firm". Although the "theory of firm" developed rapidly after the publication of "The Nature of the Firm", it has not come to a conclusion about some questions, such as, what is the relationship between capital and labor? "Capital hires labor" and "labor hires capital" which is better? etc. In the real world, on one hand, "Insider control", "managerial corruption" and "hostile takeover" appeared repeatedly in the capital-managed firm; on the other hand, the labor-managed firm typified by the Yugoslavia workers self-governing enterprise came to nothing. What is the ideal corporate governance pattern? This is the topic the article want to deal with.The article firstly looks back to the two unilateral-managed corporate governance patterns , and finds among the development of the corporate governance the tendency of merging of two unilateral-managed corporate governance patterns . In order to make clear the tendency, the article analyse the theory of firm , and consider the enterprise to be an organization which can produce "cooperative surplus" because of its "core knowledge and ability", then after the analysis of the evolvement of the labor property rights and human capital property rights, the article thinks it is a good idea to establish the united property rights institution by merging the factor property rights and labor property rights, so as to make better the production of cooperative surplus. The main part of the article expounds the way of distribution of rights and surplus in enterprise under the united property rights institution, and after a contrast between the corporate governance under the united property rights institution and two unilateral-managed corporate governance, the article puts forward the advantages of the corporate governance under the united property rights institution.The corporate governance under the united property rights institution is a new corporate governance pattern in theory, and it may be a good way to solve the above two problems; in practice, it may be used as a example in corporate governance.