Understanding the Firm

<p>Understanding Firms presents Weiying Zhang's seminal work on corporate governance introducing China to an entrepreneur-focused governance framework.</p><p>《理解公司》是张维迎有关公司治理的核心著作，为中国提供一个企业家为中心的公司治理模型。</p><p></p><p>Why do firms exist? How do enterprises truly function? What systemic challenges confront Chinese corporations?</p><p></p><p>Economist Weiying Zhang's seminal work on corporate governance proposes an entrepreneur-focused governance model for China. Only by resolving institutional imperfections in property rights can growth bottlenecks be overcome.</p><p>Corporate governance framework defines relationships among all enterprise participants and stakeholders.</p><p></p><p>Its core lies in allocating residual claimancy and control rights among participants.</p><p></p><p>Governance efficacy depends on four institutional pillars:Enterprise ownership arrangementsNational legal frameworksMarket competition and reputation mechanismsExecutive compensation structures and internal promotion systems</p><p></p><p>为什么要有公司和企业？企业究竟是如何运作的？中国的企业和公司究竟出了什么问题？</p><p></p><p>经济学家张维迎有关公司治理的核心著作，为中国提供一个企业家为中心的公司治理模型。只有解决产权制度缺陷，才能突破增长瓶颈。 </p><p></p><p>公司治理结构是所有企业参与人及其利益相关者之间的关系。</p><p></p><p>公司治理结构的核心问题是如何在不同的企业参与人之间分配企业的剩余索取权和控制权。</p><p></p><p>公司治理结构的有效性主要取决于四个方面的制度安排；企业所有权安排，国家法律制度，市场竞争和信誉机制，经理人的薪酬制度及企业内部的晋升制度。</p>