In this paper, we follow the views of modern theory of the firm and treat the firm as a nexus of contracts.

本文主要根据现代企业理论，将企业看成是一系列契约的联结。

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The modern theory of firm suggests we mitigate the agent problems by establishing an effective allocative mechanism of residual claims and control.

现代企业理论认为可以通过建立有效的剩余索取权和控制权的配置机制来缓解这一问题。

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In the modern firm and market theory, there are two kinds of fundamental economic organizations: hierarchy organization and market organization.

在现代企业与市场的经济理论中，层级组织和市场组织是两种最基本的经济组织形态。

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The worship of shareholder value began in 1976 when a journal article by Michael Jensen, "Theory of the Firm, " critiqued the prior system of managerial capitalism and set the stage for our modern era of capitalism, writes Martin.

FORBES: End of Modern Capitalism Debated...Over Martinis