摘要
建立在不完全契约理论基础上的金融契约理论认为,金融交易本质上是就财产权利所作的契约安排,因此每一种融资方式都可以视为一种不完全契约。本文把债务融资方式分为关系型和保持距离型两种,在Hart-Moore模型的基础上构造一个企业债务融资的不完全契约模型,对两种债务融资方式进行比较分析,结果表明:在项目投资收益率大于市场利率的条件下,关系型债务融资具有帕累托效率。
The financial contracting theory based on incomplete contracting theory argues that all financial transactions are virtually contracts of property rights. This way all kinds of financial securities should be regarded as incomplete contracts. In this article, we divide debt financing contracts into two classifications： relational and arm＇s length debt financing contracts. Based on Hart and Moore （1998） model, we develop a highly stylized model, and prove that relational debt financing contracts are Pareto efficient.
出处
《财贸研究》
北大核心
2007年第6期84-89,107,共7页
Finance and Trade Research
关键词
债务融资
金融契约
关系融资
再谈判
debt financing
financial contracts
relational Financing
renegotiation
