资产专用性、声誉与企业财务契约自我履行:一项实验研究

财务契约的不完备性使其更接近所谓的纯粹自我履行契约。本文在理论上论证了资产专用性沦落沉没成本和声誉资本的贬值是对财务契约违约者的私人惩罚机制,同时也构成了缔约者的私人履约资本。因此财务交易包含的资产专用性和交易主体的声誉是构成财务契约自我履行的基础,也是决定财务契约自我履约范围的关键因素。随后,本文以由MBA和MPAcc学员为被试对象进行一项实验,检验了资产专用性、交易主体的声誉以及二者交互作用对财务契约自我履行促进作用的理论假说,同时也检验了在相同条件下良好的法律环境有助于促进财务契约自我履行。本文研究结果可为财务契约自我履行的机制提供进一步的检验证据的同时,也为促进我国企业财务契约履行效率、治理财务契约冲突提供有益的启示。

Assets Specificity,Reputation and Mechanism of Self-Fulfillment of Financial Contracts: an Experiment Study

The incompleteness of financial contracts makes itself more closely approach the so-called pure self-fulfilling contracts. This paper argues theoretically that asset specificity and dealer's reputation are the basis of self-fulfilling of financial contracts, and they determine the scope of self-fulfilling of financial contracts. In addition, the law environment is also the important external conditions to performance self-fulfillment of financial contracts. Subsequently, this paper conducts an experimental study based on the tested object of MPAcc and MBA students. The experimental results support the theoretical hypothesis. This study will help to further clarify the approach and direction to improve fulfillment efficiency of the incomplete financial contracts.