隐性财务契约与企业价值关系研究

Study on Relationship between Implicit Financial Contract and Enterprise Value

中文关键词:  隐性财务契约  隐性债务契约  隐性股权契约  隐性福利薪酬契约  资本结构  企业价值

英文关键词:implicit financial contract  implicit debt contract  implicit equity contract  implicit welfare compensation contracts  capital structure  enterprise value

中文摘要:

      知识经济时代,以关系资本、客户资本、声誉资本等为代表的隐性财务资本对企业价值的贡献度越来越大。针对现有文献对隐性财务契约的研究空白,本文在系统归纳、梳理国内外文献基础上,探究了隐性财务契约的基本思想、研究模型、构成要素、驱动系统等,并分别从隐性债务契约、隐性股权契约、隐性福利薪酬契约三个视角对隐性财务契约和企业价值的关系进行了深入的分析探讨。研究表明:隐性债务契约可能与企业价值正相关有助于提升企业价值,也可能与企业价值负相关无助于提升企业价值；隐性股权契约是一种基于财务控制权配置的激励约束机制,这种激励约束机制使得隐性股权契约与企业价值创造正相关；隐性消费方式在影响隐性福利报酬契约履行度的同时进一步影响到企业价值的创造。上述研究结论为深入理解隐性财务契约与企业价值的关系奠定了理论基础。

英文摘要:

      In the era of knowledge economy, the implicit financial capital such as relation capital, customer capital and reputation capital has a more and more contribution to the enterprise value. In view of the existing research literature, there is a gap in the research on implicit financial contracts. On the basis of systematically summarizing and combing the existing research literature at home and abroad, this paper explores the basic idea of implicit financial contract, research model, constituent elements, driving system, etc. Moreover, it makes an in-depth analysis and probe into the relationship between implicit financial contract and corporate value from three perspectives such as implicit debt contract, implicit equity contract and implicit welfare compensation contract. The research shows that the implicit debt contracts may be positively related to the enterprise value, which is helpful to improve enterprise value, and it may also be negatively related to the enterprise value, which is of no help to improve enterprise value. The implicit equity contract is a kind of incentive and constraint mechanism based on the allocation of financial control power. Such mechanism makes theimplicit equity contract positively related to enterprise value creation. The implicit consumption pattern influences the degree of fulfilling the implicit welfare compensation contract, which further affects the enterprise value creation at the same time. The above research conclusions have laid a theoretical foundation for a deep understanding of relationship between implicit financial contract and enterprise value. 