债务契约、财务冲突与控制权配置：述评与框架

与传统新古典财务理论不同,产权理论将企业融资契约的缔结过程视为企业控制权配置或争夺过程。债务契约是核心的融资契约,其使用的程度和范围决定了企业融资契约的结构,同时也反映了企业所有权结构或者企业治理结构的一般特征。基于企业财务冲突与控制权配置的角度,本文对债务契约与控制权配置关系的理论研究所经历三个阶段(早期的静态控制权理论模型阶段、交易费用经济学理论模型阶段、不完备契约理论模型阶段)进行了理论梳理与述评,并对GHM理论的债务契约与控制权的配置目标与机理进行了论证。

Debt contracts, Financial Conflicts and Allocation of Control Rights: Review and Framework

It is different with traditional neo-classical financial theory about enterprise financing that property rights theory think it as the allocation and conflict of control rights of enterprise.Being the core financing contract,the extent and scope of debt contracts not only determine the features of structure of corporate financing contract,also reflect the features of enterprise governance structure.This paper reviews theoretical research on the relation of debt contract and allocation of control rights in three stages(The early stage of the static control rights model;The stage of TEC model;The stage of Incomplete Contract Theory model),and this paper also study on the objective and mechanism of allocation of control rights making use of debt contracts on based GHM theory.