内生性财务契约研究范式转换:从完备契约观到不完备契约观  

The Shift of Endogenous Financial Contract Research Paradigm:from Complete Contract to Incomplete Contract

作　　者：雷新途[1] 

机构地区：[1]浙江理工大学经管学院,浙江杭州310018

出　　处：《财贸研究》2008年第4期125-131,共7页Finance and Trade Research

基　　金：教育部人文社科青年基金项目"基于不完备契约理论的浙江民营企业财务冲突与治理研究"(编号:07JC630055)阶段性研究成果;浙江省社科规划项目"基于不完备契约理论的民营企业财务冲突与治理研究"(编号:07CGGL043YBM)最终研究成果之一

摘　　要：现代公司财务契约理论研究范式经历了三次转换:由外生性的新古典完备财务契约范式转换为内生性的完备财务契约范式,再转换为内生性的不完备财务契约范式。而作为最新的研究范式,不完备财务契约研究也先后经历了静态控制权理论范式和动态控制权理论范式的演进。内生性不完备财务契约研究范式将交易费用、制度、产权、契约等因素正式纳入公司财务理论研究视野,弥补了传统财务理论研究范式内生的制度性缺失。该范式也大大促进了我国公司财务理论研究,为解决经济转型阶段我国公司尖锐的财务冲突提供了更合理的解释和指导思路。The research paradigm of modem corporate financial contract has gone through three changes： from new classic exogenous complete financial contracts to endogenous complete financial contracts and to endogenous incomplete financial contracts. This paper pays attention to the important documents during the devolvement history of endogenous financial contracts, and draws a conclusion that the construction of incomplete financial contract theory, which applies to incomplete contracting theory, can innovate the financial theory. As the newest research paradigm, incomplete financial contracts evolves from static to dynamic theoretical control paradigm. Endogenous incomplete financial contract encompasses transaction cost, institution, property rights and contract in corporate financial theory research, making up the endogenous institutional loss for the traditional financial research paradigm. It strengthens the theoretical research of Chinese corporate finance. It provides a more rational explanation for the sharp conflicts in Chinese corporate finance during the transition period.

关 键 词：财务契约 研究范式 完备契约 不完备契约 

分 类 号：F235.99[经济管理—会计学]