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市场经济本质上是一种契约经济,契约是现代市场经济有效运行所必不可少的核心要素。2016年度诺贝尔经济学奖得主霍姆斯特朗基于委托-代理模型的完全契约理论,为我们更好地理解现实中的契约和制度提供了全新的研究视角,有助于我们解决现实中处于信息劣势的委托人如何通过提供一份有效的激励方案来诱使处于信息优势的代理人采取与委托人利益相一致的行为,以减轻道德风险对企业运行的破坏性影响。从激励的视角看来,霍姆斯特朗的完全契约理论对我国现阶段的债转股工作具有一定的借鉴意义。
The market economy is essentially a contract economy, and the contract is an indispensable core element of the modern market economy. Holmestrong, 2016 Nobel Laureate in economics, based on the principal-contract theory of the principal-agent model, provides a completely new perspective for us to better understand the real contract and system, and helps us to solve the problems in reality How to reduce the moral hazard to the detrimental impact on the operation of enterprises by providing an effective incentive scheme to induce agents in information superiority to act in line with the principal’s interests. From the perspective of motivation, Holmestrong’s theory of complete contract has some reference to the work of debt-for-equity reform in our country.