摘要
依据现代契约理论分析范式,企业完整财务(交易)活动的性质可概括为一系列不完备财务契约缔结和履行过程,而缔约方追求“合作盈余”或“组织租”恰恰是财务目标的契约解读。因契约不完备性出现的“剩余”问题,致使财务目标的实质应为“剩余盈余”的最大化,其结果是财务目标与企业所有权配置逻辑一致,因此也具备状态依存之特征:特定状态对应特定缔约主体为主导的财务目标。同时,由于其他缔约主体专用性资本不断增值,使财务目标结构得以边际修正而实现均衡安排。
Based on the analysis paradigm of the modern contractual theory,this paper summarizes the nature of financial transactions activity of the firms to the signing and implementation of a nexus of financial contracts.Cooperative surplus or organization rent the participant of firm pursue reflects the contractual nature of financial objective.The residue caused by contractual incompleteness makes the essence of financial objective become the maximization of residual claim,which lead to the logical uniformity of financial objective and allocation of ownership.So,financial objective has the nature of state-contingent,which suggests the core financial objective controlled by some partner of firm contract goes with some condition.Meanwhile,financial objective can be revised marginally until the equilibrium arrangement is achieved while the special capital of other partners rises constantly.
出处
《会计研究》
CSSCI
北大核心
2007年第4期47-53,共7页
Accounting Research