机会主义、信用与企业收益安排

如何防范机会主义行为是企业理论研究的重点之一。经过对相关理论的回顾与评述,发现现有防范机会主义的文献中,往往忽视了一个重要的因素———客观的物质基础。那么这个基础是什么?经过研究,发现是信用。理论经济学研究的信用只是注重了信用“工具”的一面,却忽视了信用背后的经济关系。信用的实质是一种契约,是建立在一定抵押基础之上的契约。信用是企业内的基本关系,决定了企业内的收益安排。

Opportunism, Credit and the Arrangement of Firm's Gains

One of the important problems is how to defend the opportunism among the school of firms.Through reviewing the theory or the firms,we found that the objective matters neglecter which plays a fundamental role.What is it?It is credit.Although the scholars have paid their attentions to the credit,they always think the credit is the only tool of finance.The author emphasizes that the credit is not a "matter",but a relationship between dealers.For the enterprises,the mortgage of credit not only absorbs the partners,but also determined the all relationships among the firms.At last,the relationships of credit determine the arrangement of firm's gains.