债权人相机控制的机理、类型与机制构建——以不完备契约理论为视角

Mechanism,Type and Construction of Creditors Contingent Control: From the Perspective of Incomplete Contract Theory

Aghion-Bolton模型揭示了企业债权人相机控制的机理,即当企业事后出现可验证的特定信号时,一个有效率的所有权安排就是由债权人获取剩余控制权。在实践领域,英美及德日等国家的银企关系所形成的两种类型债权人控制经验模式均存在一定的缺陷,经验证据也表明我国尚未建立起债权人相机控制机制。兼顾美国企业债权人相机控制和日本企业债权人持续控制这两种债权人控制模式的优点并剔除它们的缺陷、建立企业与银行的一种新型合作关系,是构建我国企业债权人相机控制机制的可行思路。

Aghion-Bolton model reveals the mechanism of enterprise creditors contingent control,namely,creditors to obtain residual control rights is an efficient ownership arrangement when a specific ex-post signal appears verifiable.In practice,the United States,Britain,German and Japan have formed the experience modes of two types of creditors control,but the United States and Britain model,the German and Japanese model have their own shortcomings.A practical way of constructing China＇s enterprises creditors contingent control mechanism is to balance between the two types of control modes,which is to establish a new type of cooperative relationship between creditors and banks.