不完全合约理论述评

由格罗斯曼、哈特和摩尔所开创的不完全合约理论认为,由于个人的有限理性、外在环境的复杂性和不确定性等不完全因素的存在,真实世界的合约都是不完全的,为此,加强和保护专用性投资关键在于事先明确物质资产所有权。不完全合约理论源于科斯提出的交易成本理论,两种理论的根本差异在于对不完全合约的基础及其导致的合约功能的不同认识。不完全合约理论远非一个基础牢固和逻辑一致的成熟理论,需要从找到合约不完全的基础、重视对非正式合约和"最佳完全合约"的研究等方面努力使其成熟和完善。

A review of incomplete contract theory

The incomplete contract theory initiated by Grossman, Hart and Moore is the most attracting topic in the research field of enterprise theories. It holds that due to the imperfectness in individual's limited rationality and the environmental complexity and uncertainty, all contracts in reality are incomplete. The key to reinforce and protect a special investment is to ensure the ownership of assets in advance. Incomplete contract theory originates from the transaction cost theory started by Coase, the fundamental difference between the two lies in the different recognition of the foundation and function of incomplete contracts. Although the incomplete contract theory has been employed to explain all present economic phenomenon, it is still far from being a firmly-based and logically-consistent theory, and it still needs to be perfected.