专用性投资、不完全契约与债权人财务

无论是从纵向的财务分层理论来看.还是从横向的利益相关者财务论来看.债权人财务明显都是缺位的,由于债权人对企业进行了专用性投资.作为非人力资本的债权人,就应该和所有者一道共同拥有对企业的剩余控制权.债权人财务是一种相机财务.当企业发生财务危机的时候,才有可能发生债权人利益受损的情况.这时企业的剩余索取权和剩余控制权就应该转移给债权人.相机财务的实施可以采取接管、重组或破产的方式.

Special Investment,Incomplete Contract and the Creditor's Finance

Creditor finance is obviously an omission both on the layer of longitudinal financial hierarchy theory and transverse interest counterparts finance theory.Because of its special investment to the enterprise,the non-human capital creditor should have the common remaining control to the enterprise with the owner.Creditor Finance is a contingent financial. Creditor interests will be damaged when financial crisis happens,and at that time the remaining claims and remaining control should be transformed into cred...