不完全契约视角下的财务治理机制分析

作为公司治理的重要内容,在本质上,财务治理是对公司财权进行的一整套制度安排。具体地说,这一套制度安排必须通过与企业有直接利益关系的各当事方缔结财务契约来实现。本文提出,构成财务治理基础的财务契约是一种不完全契约,这种契约的不完全性将会产生激励不足和约束失控两个主要影响。因此,我们的财务治理机制应该针对财务契约的不完全性来进行设计,力争最大限度地降低不完全财务契约造成的负面影响,提高财务治理的效率。

The Analysis of Financial Governance Mechanism from the Perspective of Incomplete Contract

As an important part of corporate governance, financial governance is by nature a set of institution arrangement of the financial power of corporations. Concretely, this institutional arrangement must be realized through the financial contracts signed by the direct stakeholders. This paper argues that the financial contracts which are the foundation of financial governance are incomplete contracts, and the incompletion will lead to two main results: insufficient incentive and uncontrolled restriction. So the financial governance mechanism must be designed in the light of the incompletion of financial contracts to decrease the negative impact of incomplete financial contracts and increase the financial governance efficiency.