... 不合身的衣著 article of clothing which does not fit well 不完全合同 incomplete contracts 完全合并 complete consolidation ...
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The contribution of the GHM theory is that it makes an explanation of the control rights in the framework of incomplete contracts.
GHM理论的贡献在于在不完全契约框架下对企业的控制权作出解释。
参考来源 - 企业家视角的企业控制权机制研究In modern enterprise system, corporate ownership is separated from managerial authority, and due to information asymmetry, incentives incompatibility, responsibility inequity and incomplete contracts and other factors, agent problems would arouse and lead to the risk of moral hazard.
现代企业制度下,企业的所有权和经营权是相分离的;企业的所有者和经营者由于信息不对称、激励不相容、责任不对等、契约不完全等因素,会产生代理问题,并会导致道德风险。
参考来源 - 基于委托代理视角的国有企业监管体制研究Then, under a unified logic framework of contracts and property rights theory, we point out that the importance of the allocation of property rights comes from incomplete contracts.
有了产权和合同理论的统一逻辑框架之后，我们接着指出产权安排的重要性正是来自于现实世界牛的不完全合同，在不完全合同条件下，产权的配置就有了重要的经济意义。
参考来源 - 从合同角度对企业产权的探讨——兼论我国国有企业产权改革·2,447,543篇论文数据，部分数据来源于NoteExpress
For example, consider incomplete contracts.
比如考虑一下不完整的合同。
To use the jargon of economists and lawyers, corporate charters are "incomplete contracts".
套用经济学家或律师的行话就是，公司章程是“不完整的合约”。
The execution of the incomplete contracts is concerned by both parties in charge and the courts.
对不完全合同的执行，是双方当事人和法庭所关注的问题。
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