嵌入社会责任与扩展公司财务理论

主流的公司财务理论是社会责任外生型的,其理论渊源是新古典范式的主流经济学。超越新古典范式,从嵌入性立场重新审视企业,则现代企业在性质上是一系列经济契约与社会契约的集合体,并且现代企业是独立于股东的实体而不是合法虚构。从公司实体假说出发,经典的代理理论需要重新解释,并且公司的财务目标函数需要重新修正。与修正的财务目标函数相匹配,公司财务理论需要在决策标准、分配理论和决策机制等方面进行适当地扩展。

Embedding Social Responsibility and Expanding Corporate Finance Theory

Originating from the neoclassical economics,the mainstream of corporate finance is social responsibility exogenous.Exceeding the neoclassical paradigm and surveying from the embedding aspect,the modern corporate is the nexus of a serious of economic contracts and social contracts,and the modern corporate is an entity independent of the shareholder but not a legal fiction.From the hypothesis of corporate entity,the classical principle-agent theory need to be reinterpreted and the object function of corporate...