Study On Residual Control Rights Configuration Based On The Efficiency Of Corporate Governance

Residual control rights open a way for understanding the law behind corporate governance issues. Residual control rights configuration is a long-term process decided by a variety of factors. It is important to recognize the process.Within the framework of the existing system in our country, not only the concept of"residual control rights"is not strictly defined, but also the flexible guiding principle hasn't been put out, and even the awareness in the theoretical circles is vague and different, which make it difficult to standardize corporate governance operation. Through phenomenon, we can easily see that the nature of the problems and contradictions on the enterprise is a problem of residual control—rights arrangement and the remaining interests allocation.Firstly, the article looked over theories related to corporate governance system systematically, and recognized that the principal-agent theory can not fundamentally solve the problem of corporate governance, the theory of residual control—rights under the incomplete contract of hit the root causes of corporate governance. Chapter III reveals the sources of residual control—rights,which deepened the understanding of the nature of it ,and then defined the subject and object of residual control—rights, which enhanced its popularity . Chapter IV studied on the configurations of residual control—rights under different corporate governance models, and revealed the logic that the arrangements of residual control—rights increase the efficiency of corporate governance. Chapter 5 is a process of linking theory with reality. With state-owned enterprises "delegating powers and benefits" reforms, there are still loopholes of corporate governance in the state-owned enterprises. The article researched the crux of the problems in the perspective of residual control—rights and put forward appropriate proposals on the supervision and incentives efficiency. In this chapter, the paper revealed real principles of residual control rights configuration as an inheritance and development of the traditional "symmetry principle", which has a theoretical value.