会计恒等式的期权模型分析

An Analysis on Accounting Equation with Optional Mode

传统意义上对会计恒等式的理解,将债权人排除在企业所有权人之外;股东拥有企业所有权,企业全部资产减去全部负债后的净资产即为股东权益。而从期权理论的角度对其进行分析,将股东和债权人赋予相等的产权人地位,则可以对企业契约理论有一个更好的理解。

According to the traditional understanding of the accounting equation, creditors are excluded from the owners of a corporation. Shareholders possess the ownership of the corporation. The whole debts subtracted from the whole assets gives the net-assets, that is the shareholders-right. But according to the analysis on the accounting equation with the optional theory, both creditors and shareholders are the owners equally, which gives a better understanding of the contractual theory of the firm.