项目名称： 竞争与制度交互下的公司金融契约治理：行为分析与实验检验

项目编号： No.U1304705

项目类型： 联合基金项目

立项/批准年度： 2014

项目学科： 管理科学

项目作者： 任广乾

作者单位： 郑州大学

项目金额： 20万元

中文摘要： 公司治理是通过一系列的制度安排来规制投资者和企业家交互行为中的道德风险，而不同的制度安排产生的作用存在较大差异。本项目依托于公司金融契约三阶段模型，沿着行为分析的进路，运用实验经济学的方法，按照从内到外和从弱到强的原则设计出偏好治理机制、声誉治理机制、信息共享机制、横向监督机制和第三方执行机制五种关键的制度安排，构建起五种制度下的公司金融契约模型并求解相应的均衡解和临界值。实验测度五种制度安排在缓解企业家道德风险行为以及保护投资者利益并提高投资比率中的作用。同时把公司金融契约三阶段模型放置于对称市场、买方竞争市场和卖方竞争市场三种不同的竞争环境中，测度市场竞争和制度约束交互下的契约治理效率，通过对比分析不同竞争态势对制度约束的强化和削弱作用以及当事人行为差异。本研究为完善转轨经济环境中的投资者权益保障机制设计提供参考，也为不同竞争框架中的制度安排如何搭配提供依据。

中文关键词： 市场竞争；制度约束；公司金融契约；契约治理；比较制度实验

英文摘要： The essence of corporate governance is to regulate the moral hazard behavior in the interaction between investors and entrepreneurs through a series of institutional arrangements. However, there are large differences on the effect of these different institutional arrangements. This research programme is supported by the model of three-period corporate financial contract. On the behavioral and experimental approach and in accordance with the principles of “from inside to outside” and “from weak to strong”, this research programme will design five key institutional mechanisms: preference mechanism, reputation mechanism, information sharing mechanism, lateral supervision mechanism and third party enforcement mechanism. We will build the corporate financial contract models under the five institutional mechanisms and solve the corresponding equilibrium solutions and their critical values. This research programme will measure the governance effect of these five mechanisms on mitigating the entrepreneurs’ moral hazard and protecting investors’ interests, and raising investment ratio by using the method of experimental economics. At the same time, this research programme will locate the model of three-period corporate financial contract in three different markets to investigate the interaction between competition struct

英文关键词： Market Competition；Institutional Contraint；Corporate Financial Contract；Contract Governance；The Experimental CIA