企业债务融资方式的比较分析——一个基于金融契约理论的分析框架  

The Comparative Analysis of Corporate Debt Financing——A Study Framework Based on Financial Contracting Theory

作　　者：陈岩[1] 

机构地区：[1]北京联合大学应用文理学院,北京100083

出　　处：《财贸研究》2007年第6期84-89,107,共7页Finance and Trade Research

摘　　要：建立在不完全契约理论基础上的金融契约理论认为,金融交易本质上是就财产权利所作的契约安排,因此每一种融资方式都可以视为一种不完全契约。本文把债务融资方式分为关系型和保持距离型两种,在Hart-Moore模型的基础上构造一个企业债务融资的不完全契约模型,对两种债务融资方式进行比较分析,结果表明:在项目投资收益率大于市场利率的条件下,关系型债务融资具有帕累托效率。The financial contracting theory based on incomplete contracting theory argues that all financial transactions are virtually contracts of property rights. This way all kinds of financial securities should be regarded as incomplete contracts. In this article, we divide debt financing contracts into two classifications： relational and arm＇s length debt financing contracts. Based on Hart and Moore （1998） model, we develop a highly stylized model, and prove that relational debt financing contracts are Pareto efficient.

关 键 词：债务融资 金融契约 关系融资 再谈判 

分 类 号：F830[经济管理—金融学]