信息非对称与对外投资风险控制研究

【作者】 刘利；

【导师】 干胜道；

【作者基本信息】 四川大学 ， 会计学， 2004， 硕士

【摘要】 自从七十年代信息非对称理论出现以来，研究信息非对称的人是越来越多，研究的领域很广，几乎涉及所有领域，但人们研究的领域主要集中在市场经济、金融市场、证券市场、房地产业、政治、军事和道德学中等，研究企业管理中信息非对称的，也有，也较多，而且研究企业管理的论文和专著也很多，但是把信息非对称与企业的对外投资风险控制结合起来做系统研究的则很少，几乎凤毛麟角。故而，这方面的文章极少，专著也更少，即便是仅存的少得可怜的研究信息非对称与企业对外投资风险控制的文章和专著，大部分也仅从所有者的角度，笼统而非系统地谈论所有者和企业经营者之间存在的信息非对称，提出的一些也仅是所有者如何加强对受资企业的监控措施问题。并且大多从产权理论、代理理论、合约理论的角度进行谈论、解释、解决问题，而且谈论的文章多是风险投资家与创业家、投资者三方的博弈问题，解决的问题是如何协调三方关系，使企业利润最大化问题。从研究对象来看，所谈论的受资企业(目标企业)几乎均是高风险科技企业。 由于高科技术企业仅是受资企业的一部分，而且还有着自身的投资高风险、高成本、高收益的特性，运作也与一般企业不同，故而仅仅谈论高科技目标企业，是远远不够的。本文试图从一般性角度探讨信息非对称与对外投资风险控制问题研究其中的规律性。本文研究的内容包括: 信息非对称理论的发展研究情况及其对企业财务管理的影响。2、企业对外投资产生信息非对称的原因。3、如何分析、识别信息非对称的情况下对外投资的风险问题、4、如何消除投资企业与被投资企业的信息非对称问题5、如何在信息非对称的情况下控制企业对外投资的风险问题6、如何在信息非对称的情况下，控制风险投资风险问题由于涉及信息非对称与对外投资的风险控制文章极少，属矛探索性的，故而文中可能难免有不适宜的观点。若有，敬请指正。关健词:信息非对称对外投资风险控制更多还原

【Abstract】 More and more people are researching the non-symmetry of information since the theory of non-symmetrical information appeared in the 1970s. And the research fields nearly range over all kinds of fields, the most of which are market economy, financial market, securities market, real estate market, political science, strategic and ethics. There are many papers and monographs about the non-symmetry of information in the enterprise management, but the systematic researches, which combine the non-symmetry of information and risk control of foreign investment of the enterprise, are so few. Even these papers and monographs, which research the relation between non-symmetry of information and risk control of foreign investment of enterprise, talk about generally but not systematically the non-symmetry of information existing in the owners and operators of the enterprise from the point of the owners. And the suggestions they put forward are only that how to strengthen the supervision and control of the enterprise which receives the investment. These papers and monographs all tries to explain and solve problems andcoordinate the relation among the risk investor, the creator and investor so as to maximize the profit of the enterprise. The researching objects are all nearly technological enterprises with high risk.The high-tech enterprises are only one kind of all enterprises, and they are of high risk, high cost and high income. They operate differently with the common enterprises. So, it is far from enough to talk about only the high-tech enterprises. My paper tries to discuss the law between non-symmetry of information and risk control of foreign investment of enterprise from the common angles.The contents of the paper are as follows:1. The development of the theory of non-symmetry of information and its influence on financial management of enterprise;2. The cause of non-symmetry of information in the foreign investment of enterprise;3. How to analyze and recognize the risk in the foreign investment when there exists non-symmetry of information;4. How to eliminate the non-symmetry of information between the enterprise which invests and the enterprises which receives investment;5. How to control the risk of the foreign investment of enterprise when there exists non-symmetry of information;6. How to control the risk of venture investment when there exists non-symmetry of information.Because there are so few papers concerned, the paper may bring forward some exploring or even inappropriate viewpoints. If existing, you are welcome to point out them so that they can be corrected.更多还原