金融市场中的企业:一个价值驱动的契约模型

The Firm in the Financial Markets: A Contractual Model Driven by Value

交易成本并不足以说明企业的制度变迁。从企业的历史沿革看,企业组织的发展轨迹本质上是一条"价值拉动型"的路径。本文建立了价值驱动的契约模型,认为企业价值创造可以看作是"内部创造"和"外部营销"的良好结合。企业的契约关系在企业价值的驱动下得以联结和贯彻。企业的投资活动、融资活动和营运资本管理活动等价值活动以金融市场和金融中介为平台,以更有效地保持和创造企业价值。

Transaction costs can't explain firm' s institutional change completely. According to the historical evolution of the modern firm, the enterprise organizations develop along the path driven by value in essence. The paper builds a contractual model driven by value. There are two aspects for value creation: 'inside manufacturing' and 'outside marketing'. All contractual relationships in the firm are connected and maintained because of driving force from the firm value. Taking the financial markets and financial intermediaries for the platform, the firm investment, financing and management of operating capital can create and maintain firm value more efficiently.