基于利益相关者的我国上市公司财务履约研究

【作者】 贺勇；

【导师】 刘冬荣；

【作者基本信息】 中南大学 ， 会计学， 2006， 硕士

【摘要】 制度经济学认为企业是兼有生产与交易属性的一系列契约的联结体，由此产生的企业契约理论把企业本质界定为所有利益相关者之间的一系列多边契约。作为现代企业理论延伸与发展的利益相关者理论认为企业是建立在利益相关者的普遍利益均衡前提下的。但是人们为什么要聚集在一起进行生产和交易活动呢?其缔约的真实意图是什么?如果企业的本质是契约，那么企业整体契约的核心又是什么呢?本文试图在已有研究的基础上提出一个新的分析框架：利益相关者财务契约理论。从契约观看企业的财务行为实际上是为满足利益相关者利益要求的，并为实现利益相关者共同财富最大化的均衡行为。但是由于存在人的偏好与理性，使得企业内部充满财务冲突，从而产生了财务履约的问题。如果企业是一个以利益相关者财务契约为核心的契约联结体，那么研究利益相关者财务契约的履行情况对优化契约组合和激励设计，提高企业业绩与竞争力是有重要意义的。本文在构建一套评价体系的基础上运用统计方法检验了我国上市公司利益相关者的财务履约情况。结果发现我国上市公司在履行对利益相关者的财务契约方面存在严重问题。但原因何在?本文分别从理论和实证两个方面进行了探究。由于特殊的制度背景，我国上市公司终极产权呈现出多样化。从终极产权角度用实证方法考察我国上市公司履行利益相关者财务契约既是新课题又具有重要的理论价值和现实意义。更多还原

【Abstract】 The institutional economic holds the enterprise is a nexus of contracts with the production and the transaction attribute, from this the contract theory defines the enterprise essence to a series of multilateral contracts among all stakeholders. Extends and development as the modern enterprise theory the stakeholder theory believes the enterprise is established under stakeholder universal benefit balanced premise. If enterprise’s essence is a contract, what then is the core of the enterprise overall contract? This paper attempts to propose a new analysis frame based on some researchs: stakeholder finance contract theory.From contract view enterprise financial behavior is actually watching the interests of stakeholders in order to meet their demands and to maximize common wealth. But because has the person by chance with the rationality, causes the enterprise interior to fill the financial conflict, thus has had the question which the finance honors an agreement. If the enterprise is one take the benefit counterparts finance contract as the core contract union body, then studies the benefit counterparts finance contract to fulfill the situation to optimize the contract combination and the drive design, enhances the enterprise achievement and the competitive power has the vital significance.This paper constructs a set of appraisal system to examine listed companies on how stakeholder finance contracts were fulfilled using the statistical method. The result discovered there has been serious problem for china’s listed companies to fulfill stakeholders financial contract. But what is reason? This paper separately carried on inquires from two aspects ,the theory and empirical study. As a special system background, the ultimate ownership of listed companies in China tend to be diverse in nature. From the point of view of the ultimate ownership of listed companies ,to fulfill stakeholders financial contract is new issues of great theoretical and practical significance.更多还原