| 企业融资交易的契约安排：一个交易费用经济学的分析框架 |
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| 引用本文： | 雷新途,熊德平.企业融资交易的契约安排：一个交易费用经济学的分析框架[J].审计与经济研究,2012(2):89-96. |
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| 作者姓名： | 雷新途 熊德平 |
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| 作者单位： | 南京大学商学院;宁波大学商学院 |
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| 基金项目： | 中国博士后科学基金(2011491373);浙江省自然科学基金(Y6110082);浙江省社科规划课题(10CGGL06YB) |
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| 摘 要： | 交易费用经济学理论将股权契约和债权契约视为对融资交易不同的契约治理结构。债权契约具有古典契约的特征,是一种按规则运作的契约治理结构;股权契约具有弹性治理的特征,是一种关系型契约治理结构。依据交易费用经济学理论关于交易与契约匹配的一般机理,可以得出融资交易的契约安排机理:低资产专用性融资交易选择债权契约,高资产专用性融资交易选择股权契约,中等资产专用性融资交易选择混合性融资契约,这既可达到交易费用的最小化,又可实现交易效率的最大化。究竟哪类契约在现实融资契约安排中占主导地位,这取决于融资交易包含的资产专用性大小。
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| 关 键 词： | 企业融资交易 股权契约 债权契约 资产专用性 交易费用经济学理论 契约安排 融资契约 财务契约 |
Contract Arrangement for Financing Transaction:An Analysis Framework in TCE Opinion |
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| LEI Xintu,XIONG Deping.Contract Arrangement for Financing Transaction:An Analysis Framework in TCE Opinion[J].Economy & Audit Study,2012(2):89-96. |
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| Authors: | LEI Xintu XIONG Deping |
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| Institution: | 1.School of Business,Nanjing University,Nanjing 210093,China;2.School of Business,Ningbo University,Ningbo 315211,China) |
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| Abstract: | In transaction,cost economics opinion,ownership contracts and creditor contracts,are the governance structure of contract to govern and regulate the financing.The two kinds financial contracts will have different governance cost(i.e.transaction cost),when they govern and regulate the different financing transaction containing different asset specificity.This paper mainly researches the decision mechanism to match the financing contract and financing transactions according to asset specificity of financing transactions in the case of incompleteness of financing contract. |
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| Keywords: | enterprise financing transaction ownership contracts creditor contracts assets specificity transaction cost economics contract arrangement financing coutract finaucial contract |
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