摘要： 公司是由不同利益主体组成的人的团体，公司治理的核心是要解决集体行动的困境与合作问题。长期以来，“产权配置”进路的公司治理“技术解”造成了人们对现代公司和公司治理理解的偏差，屏蔽了现代公司所应有的社会民主内涵，以及现代公司治理对社会建构的价值和意义。将现代公司治理还原为解决社会合作的“契约解”，能够帮助理解股东权利与制度环境的相互关系、公司目的与公司社会责任的契合，以及公司治理本身如何实现合法性与正当性。对于公共性问题来说，只有首先达成“契约解”，“技术解”才有可能发挥其功能。在立法文件和公司章程所设置的公司治理基础规则框架内，社会民主协商机制能够通过“契约解”有效地解决社会合作和集体行动问题。

关键词: 公司治理, 契约解, 股东权利, 制度环境, 社会民主

Abstract: A corporate as an organization of persons, comprises diversified interests of different groups. The keystone of corporate governance is to solve the predicaments of collective behaviors. For a long time, the approach of deploying property rights, as a technical resolution, misleads people to understand the modern corporation and modern corporate governance, shields the social democracy within, and shields the value and meaning of modern corporate governance to the construction of a society. As a contractual resolution, modern corporate governance could help us to understand the corelationship between shareholders' rights and institutional environment, to catch the meaning of corporate purpose with corporate social responsibility, and to explore the justification of corporate governance. For public issues, unless a contractual resolution could be reached, a technical resolution could not function well. Within the structure of statute and corporate constitution, the mechanism of social democracy could solve the problem of social cooperation and collective behaviors effectively through “contractual resolution”.

Key words: Corporate Governance, Contractual Resolution, Shareholders&rsquo, Rights, Institutional Environment, Social Democracy