| 金融契约选择对双边道德风险及社会福利的影响实验研究 |
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| 引用本文： | 张雄,万迪昉,谢刚,张雅慧.金融契约选择对双边道德风险及社会福利的影响实验研究[J].管理评论,2010(2). |
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| 作者姓名： | 张雄 万迪昉 谢刚 张雅慧 |
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| 作者单位： | 西安交通大学管理学院;中国工商银行; |
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| 基金项目： | 国家自然科学基金项目(70572039;70121001;70972101); 西安交通大学“985工程”二期(07200701); 国家级管理实验教学示范中心项目 |
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| 摘 要： | 金融契约理论认为不同的金融契约代表不同的索取权和控制权,体现对融资者和投资者的激励和约束作用。实验研究发现当融资者追求私人收益较低时,投融资者之间签订偏股性的契约有利,反之签订偏债性的契约。从社会福利而言融资的优先顺序为可转债契约、股债组合契约、标准的债务契约和标准的权益契约。原因是具有内嵌转换期权的可转债契约能够抑制双边道德风险的作用,即融资者侵占行为较少和投资者更愿意投入协助或监督。
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| 关 键 词： | 金融契约 实验研究 社会福利 双边道德风险 激励 |
An Experimental Research of Financial Contracts'Effect on Bilateral Moral Hazard and Social Welfare |
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| Zhang Xiong,Wan Difang,Xie Gang , Zhang Yahui.An Experimental Research of Financial Contracts'Effect on Bilateral Moral Hazard and Social Welfare[J].Management Review,2010(2). |
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| Authors: | Zhang Xiong Wan Difang Xie Gang Zhang Yahui |
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| Institution: | Zhang Xiong1,Wan Difang1,Xie Gang2 , Zhang Yahui1(1.The School of Management Xi\'an Jiao Tong University,Xi\'an 710049,2.Industrial , Commercial Bank of China,Beijing 100032) |
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| Abstract: | The theory of the financial contract points out that the different financing contract represents different claim and control right,which can constrain the raiser's private benefit.By an experiment,the paper finds that the investor will sign a contract of more stock attribute when the raiser runs after fewer private benefits and sign a contract of more bond attribute when the raiser runs after more private benefits.The optimal financing rank is the convertible bond,mixed contract of stock and bond,pure bond ... |
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| Keywords: | financing contract experiment research investor choice bilateral moral hazard incentive |
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