Classification of enterprise control rights

Fama and Zhan Sen divided enterprise decision-making into decision-making operation and decision-making control according to enterprise decision-making procedure. The former refers to making suggestions on resource utilization and contract structure and implementing approved decisions, that is, decision-making suggestions and implementation; The latter refers to the decision-making choice of the proposal to be implemented, the assessment and reward of the performance of the decision-making agent, that is, decision recognition and supervision.

Hart and Moore divide the contractual control rights of enterprises into specific control rights and residual control rights. Specific control right refers to the control right that can be determined in advance through the contract and how to exercise it in different situations. Residual control refers to the power that how to use assets is not clearly stipulated in the contract in advance, and it is the power to decide how to use assets beyond the special purpose stipulated in the final contract.

Ahong and Tyrol divide control rights into formal control rights and actual control rights. Formal control refers to who makes decisions in theory, which generally comes from ownership. For example, the shareholders' meeting of a joint-stock company has the decision-making power on major issues of the company. But the person who has formal control right is not necessarily the subject of actual control right; Actual control is the power of actual decision-making, and actual control comes from mastering information.