Multifaceted Transactions and Organizational Ownership
本文统一解释了股东所有制、合伙制、互助制、政府所有制、合作社以及纵向和横向控制等所有权形式，认为每种形式都是将所有权分配给特定利益相关者的变体，当交易存在不可契约化方面时，最优所有权应分配给受不可契约化方面影响最大的利益相关者。
I provide a unified explanation for shareholder ownership, partnerships, mutuals, government ownership, cooperatives, and vertical and horizontal control: each ownership form constitutes a variation on a single underlying theme, the assignment of ownership to a subset of firm stakeholders. When not every facet of a transaction is contractible and high-powered incentives might divert investment toward the transaction’s contractible facets, to the overall transaction’s possible detriment, optimal organizational ownership allocates the right to set the power of managerial incentives to those stakeholders most affected by the noncontractible facets of the organization’s paramount transaction. Received August 3, 2016; editorial decision August 2, 2017 by Editor Uday Rajan.