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中文摘要：
本文将企业的形成视为利益相关者集体选择的结果，由两个层次的集体选择决定。第一层次是所有可能的利益相关者对企业契约和交易契约的选择，企业契约的选择者将构建企业并拥有企业所有权。第二层次是拥有企业所有权的利益相关者对企业控制权和合作剩余分享方案的选择。第二层次集体选择的可能集是第一层次集体选择中个体理性的约束条件．本文借助不等式组推导了第二层次集体选择的可行集。在对企业形成逻辑进行分析的基础上。本文结合实例探讨了企业的所有权边界和经营边界。最后，总结提出了“利益相关者集体选择的企业观”．并对其应用前景进行了展望。
英文摘要：
The firm is viewed as the resuh of stakeholders＇ collective choices in this paper, which are decided by two levels of collective choices. At the first level, all potential stakeholders make their choices of firm contracts or transactional contracts. The selectors of firm contracts will construct and own the firm. And the selectors of transactional contracts will decide the business model of the firm. At the second level, the stakeholders who own the finn will make their choices of the control rights and residual income allocation of the firm. The feasible set of the second level is the constraint condition of the individual reason of the first level choices. The paper derives the feasible set and the protocol set of the second level by means of inequalities deduction. Based on the analysis of the logic of how firms come into being, the paper discusses the ownership boundary and operation boundary with examples in reality. To sum up, the paper brings forward the ＂stakeholders＇ selective view of firm theory＂. And the application of this view is prospected in the end.
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