风险规避与企业的产生和发展  

Risk Aversion and the Firm's Forming and Developing

作　　者：陈赤军[1] 叶焕庭[1] 

机构地区：[1]清华大学经济管理学院,北京100084

出　　处：《中国管理科学》1999年第3期1-9,共9页Chinese Journal of Management Science

摘　　要：本文沿阿尔钦的风险规避（riskaversion）思想继续深入，认为企业的产生和发展是根源于所有参与人的风险规避动机，修正了新古典经济学的关于企业、企业家和资本家的风险中性和风险偏好假设，使理性经济人假设保持一致，并证明风险规避动机促使企业产生和发展，最后还以企业产生的历史、今天的发展和企业的存在形式作为分析验证的佐证。其中关于风险的证明在金融经济学、资产定价模型理论中具有广泛的应用．Based on the idea of risk aversion from Alchain's we think that the firm's forming and devel-oping is originated from the motivation to averse the risk of all the players furthermore. We corrected therisk neutral or risk loving assumptions of the firm, entrepreneur and capitalist to obtain consistency withthe assumption of economic (or rational) person, and proved that the motivation of risk aversion inducedthe firm's forming and developing.Then we analyzed the history of the firm's forming, development ofpresent days and organizational types as the evidences. The risk propositions or theory in the paper alsohave wide application in study of financial economics and assets pricing theory.

关 键 词：企业发展 风险 风险规避 产权结构 组织形式 

分 类 号：F270[经济管理—企业管理]