金融危机的“公地悲剧”现象解析——兼论资产负债表对企业边界的界定功能

An Analysis to the Property Tragedy of the Financial Crisis, and An Discussion on Definition Function of the Balance Sheet to the Enterprise Border

本文从产权与"道德风险"的视角解释国际金融危机的成因,运用"公地悲剧"理论剖析金融资源产权管理缺位的"牧场效应",深入分析金融危机背后蕴含的因多个市场主体个体理性选择叠加导致整个市场资源配置效率缺失的集体非理性现象,以及因企业经理人逆向选择诱发的"道德风险"。籍此,探索破解市场失灵问题和防范经理人道德风险的对策,即基于资产负债表的经济学意义和战略内涵,提出用企业边界治理治愈市场失灵,规避市场对资源配置的"公地悲剧";用资产负债表界定企业战略边界和利益相关者治理边界的初步构想。防范企业管理层"道德风险"。确保企业遵守全体股东确立的长远发展战略承诺,以制约企业因短期财务目标而向其他市场参与主体转嫁风险的短期逐利行为,规避个体理性选择导致市场资源非理性配置的"公地困境"。

This paper investigates the underlying driver of the international financial crisis from a property economic perspective by analyzing the property tragedy of the financial resources and the moral risk. By analyzing the grassland phenomenon of the financial crisis, the paper points out that individual rational choice will lead to the collective irrational choice on the distribution of the financial resource. The paper also analyzes the moral risk of the executive management. And then, the paper explores the solution for the efficiency loss of the financial resource. Based on the economic and strategy meaning of the balance sheet, the paper puts forward that defining the enterprise boundary with the balance sheet, so as to prevent the executive management＇s moral risk, and making the corporation develop according to the long-term strategy commitment made by all the stakeholders, that will constrain the corporation＇s short-term financial rational behavior by which transmitting risk to the other market participants.