公司治理道德风险的起源及其机制设计——基于契约不完全的视角  

The Origin of Moral Hazard in Corporate Governance and its Mechanism Design——Based on the Aspect of Incomplete Contract

作　　者：任广乾[1] 

机构地区：[1]郑州大学商学院,河南郑州450001

出　　处：《技术经济与管理研究》2014年第10期51-55,共5页Journal of Technical Economics & Management

基　　金：国家自然科学基金项目(U1304705);教育部人文社科基金项目(12YJA630074);河南省教育厅科学技术研究重点项目(13A630594)

摘　　要：公司治理契约的不完全性诱发了委托代理关系中的当事人道德风险行为,制约着企业经营效率,成为公司治理研究的逻辑起点。文章从契约不完全性视角探讨了公司治理道德风险的本质和起源,并从公司治理当事人委托代理交互关系中指出了委托人-代理人框架、委托人-监督人-代理人框架、知情委托人框架三类道德风险分析框架。结合公司治理道德风险的本源,从微观视角提出了偏好治理机制、声誉治理机制、信息共享机制、横向监督机制以及第三方执行机制五种由弱到强、由内到外的道德风险多层次治理机制,结合国内外研究现状分析了五种治理机制的作用机理。最后,对五种治理机制在公司治理道德风险中的规制效能进行了总结并从外部竞争对内部机制的影响上提出了未来的研究方向。The incompleteness of corporate governance contracts induces the moral hazard behavior of the parties in the principal-agent relationship, which restricts the corporate governance efficiency and this becomes the logical starting point of the researches of corporate governance. This paper discusses the nature and origin of the moral hazard in corporate governance from the view of incomplete contract and points out three moral hazard analysis framework of the principal-agent framework , the principal-supervisor-agent framework, the informed principal framework from the principal-agent interactive relationship of corporate governance. Combined with the origin of moral hazard in corporate governance, this paper proposes multi-level governance mechanisms from weak to strong and from inside to outside in micro perspective, which contain preference governance mechanism, reputation governance mechanism, information sharing mechanism, horizontal supervision mechanism and the third party enforcement mechanism. Combined with the current situation both at home and abroad, this paper analyzes the action mechanism of the five governance mechanisms. Finally, this paper summarizes the regulation efficiency on moral hazard in corporate governance of the five governance mechanisms and proposes the future research direction from the influence of external competition on internal mechanisms.

关 键 词：公司治理 委托代理 道德风险 治理机制 

分 类 号：F270.7[经济管理—企业管理]