Research On Institutional Arrangement Of Corporate Governance Under The Intellectual Capital Owners Being Shareholders

Intellectual capital become rare resources to corporations in the era of knowledge economy. It may substitute for physical capital to be the leader of all productivity elements. To get the main-body status in the corporations and inspire the go-aheadism and the potential of intellectual capital, the best way for intellectual capital owners is to be shareholders, participating in corporate governance.Analyzing the evolution rule of the distribution of ownership, we find the intellectual capital owners being shareholders is an inevitable development trend of the era. Based on the theories domestic and abroad, the paper analyzes the nature of corporate governance in depth, finding it is resolve the three incompatible risks, namely, the incompatible risks of stakeholders, the incompatible risks of agent ability and the incompatible risks of message. The first risk is caused by the benefit conflict among interest groups; the second risk is caused by lacking ability of agents; the third risk is caused by incomplete information, imperfect information and asymmetric information. Then, it is necessary to make a deeply research on the cause and manifestations of corpora governance. Through the comparison for none of intellectual capital owner being a shareholder in corporations, we have the institutional arrangement of corporate governance under the intellectual capital owner being a shareholder. Finally, we take three examples about three different intellectual capital, namely, human capital, organization capital, relationship capital contribution in terms of shares, analyzing institutional arrangement of corporate governance, and it can also be an example to help other corporations.