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财富、企业家才能与最优融资契约安排
引用本文:杨其静.财富、企业家才能与最优融资契约安排[J].经济研究,2003(4).
作者姓名:杨其静
作者单位:中国人民大学经济学院 100872
基金项目:教育部人文社会科学基金重大项目 (0 2JAZD790 0 8)的阶段性研究成果
摘    要:本文认为企业家是企业发生的逻辑起点 ,是最初的“中心签约人” ,因此力图站在企业家的角度来考察企业家的融资行为。我们证明理性的企业家往往会将企业残值的优先索取权让度给外部投资者 ,从而否定了关于“投资者是最后的剩余索取者”的先验观点。在认识到“提供担保服务”是企业家自有资本的基本功能的基础上 ,我们揭示出一些关于企业家选择融资契约的规律。最后 ,我们还进一步发现即便未受财富约束 ,企业家也不会完全依靠自有资本来创业 ,因为很可能存在一个最优的企业家自有资本比例。

关 键 词:企业家  财富  企业家才能  最优融资契约

Wealth,Entrepreneurship and the Optimal Financial Contracting
Yang Qijing.Wealth,Entrepreneurship and the Optimal Financial Contracting[J].Economic Research Journal,2003(4).
Authors:Yang Qijing
Abstract:Holding the belief that the entrepreneur is the firm's start in logic and the initial “centralized contractual agent",we try to do some positive analysis of the financial contracting in the entrepreneurial perspective.Firstly,we prove that a rational entrepreneur usually gives the prior claim to the exterior investor,thus we negate the traditional idea that the final residual claimer is the investor.It can be subsequently recognized that the entrepreneur's own capital essentially functions as a guarantee for the exterior investor,on the base on which several rules about the entrepreneourial financial contracting are uncovered.Finally,we find it impossible for the entrepreneur to carve out entirely by his own money even without the wealth constraint.An optimal investment ratio may exist.
Keywords:Entrepreneur  Wealth  Entrepreneurship  Optimal Financial Contracting
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