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融资结构、资产估值与道德风险——动态金融契约研究综述
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TitleFinancing Structure,Assets Pricing and Moral Hazard: A Survey of Dynamic Financial Contract  
作者郑军 李仲飞 丁杰  
AuthorZheng Jun, Li Zhongfei and Ding Jie  
作者单位广东财经大学;中山大学管理学院 
OrganizationGuangdong University of Finance and Economics;Sun Yat-sen University 
作者Emailzhengjun@gdufe.edu.cn;lnslzf@mail.sysu.edu.cn;djsky@163.com 
中文关键词融资结构 动态道德风险 契约设计 资产定价 
Key WordsFinancing Structure; Dynamic Moral Hazard; Contract Design; Assets Pricing 
内容提要债务违约、企业资金链断裂与破产,以及宏观层面的金融危机等经济金融现象促使经济学家反思金融契约的资源配置效率与风险问题。传统一般均衡理论无法解释此类事件发生的根本原因,学者们试图从契约设计视角探寻其微观动因,普遍认为非对称信息诱发的道德风险是引发这类经济问题的重要因素。本文以契约理论的建模技术为逻辑主线,以信息非对称环境中最优契约设计与融资结构优化为关注对象,结合融资结构、资产定价与道德风险之间的内在联系,重点对动态金融契约理论的研究方法与研究成果进行系统评述,并根据金融契约理论发展逻辑导出公司金融与资产定价的理论融合方向。基于理论发展路径,文章初步探讨了动态金融契约理论的未来拓展方向,结合当前我国经济结构特点给出了该理论的应用前景。 
AbstractDebt default, enterprise capital chain rupture and bankruptcy, as well as financial crisis have prompted economists to reflect on the efficiency and risk of financial contract. The traditional general equilibrium theory cannot explain the fundamental cause of such events, so scholars have tried to find the micro-factors that caused the above economic problems from the perspective of contract design, it is generally believed that the moral hazard caused by the asymmetric information is an important factor in triggering such events. Taking the development of contract theory and technology as a logical clue, and the optimal contract design and optimization of financing structure in the asymmetric information finance environment as key research object, combining the inherent relationship between financing structure, asset pricing and moral risk, this paper makes a systematically review of the research methods and results of dynamic financial contract theory, and refines the ideas of constructing the unified theoretical system of research on corporate finance and asset pricing. Based on the theoretical development path, the paper discusses the future development direction of the dynamic financial contract theory, and gives the application prospect of the theory according to the characteristics of China's economic structure. 
文章编号WP1317 
登载时间2018-12-19 
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