不完备契约与财务目标的状态依存及其边际修正

(410083),(),,,,:,,,(ArrowDebreu),,,(),,(),(,2005),,,,,:,(),,,,,,,(Coase,1937),(anexusofcontracts),,?,?(2002)(1983)(1994),,,(74(2005),,(),,,),(,),()(2004),,,(financialattribute)(contractualattribute),,(1937)(1983)(1994),,,(),,,,,,(2002)(),,,(),(1996),,,,,,(),,(,2004),,,,(),,,,():,(),(),;,,(),1:84,,,,,:,,,,(,2001),,,,,,,,,(),(),(),,,()(),(),,()()?,,,,,:(),(AlchianandDemsetz,1972)(AlchianandWoodward,1988),,,,(Aoki,1984),()(Putterrman,1989),,,,,,,,,,,,,(,1996)(),(),,(),,,(ArrowDebreu),,,,,()ModiglianiandMiller(1958)MM,,,,,,,(),,,,()94,,,(incompletecontractualtheory)Coase(1937,P391),,,,,,Williamson(1979)Klein(1980)Shavell(1980)Dye(1985),GrossmanHart(1986)HartMoore(1990)(),,(completecontractualtheory)2,,(),,,,,,,,,(2),,(),(,,1997),,(statusquo)(GrossmanandHart,1986)(),(,1996)(,2001),(MilgormandRoberts,1992),?,,,,,,,,(Freeman)(Donaldson)(Blair)(Mitchell),,,,(holdup),,,,,(),,,,,,,052006,2(),,,Hart(1986),(1997),,(2003)(),,,,,,,,,,,(State2contingentownership),,(1996):x,y,w,r()x0X(,X),:w+rxw+r+y,;wxr+w,;xw,;xw+r+y,,,,,,,,,,,(),;,,,,;,,,(),,;,,,33,,,,3,f(x),,,:Max[A0f(x)dx,BAf(x)dx,CBf(x)dx,XCf(x)dx](:X0f(x)dx=100%)AghionBolton(1992)w+rxw+r+y,90%,,,()15,,,,(),lu,w+rxw+r+y,,,(,1996),(),,,,,,,,,,lv,,,,,,,,(1997):1:w+rxw+r+y2::SHEL3:(w+rxw+r+y),F3(S3,H3,E3,L3),,S3,H3,E3,L3(),t0,,:S0S3S3+H3+E3+L3(S0+H0+E0+L0),H0H3S3+H3+E3+L3(S0+H0+E0+L0),E0E3S3+H3+E3+L3(S0+H0+E0+L0),L0L3S3+H3+E3+L3(S0+H0+E0+L0),t0,HEL,,,t1:S3S3+H3+E3+L3(S1+H1+E1+L1)S1S0S0+H0+E0+L0(S1+H1+E1+L1)H0S0+H0+E0+L0(S1+H1+E1+L1)H1H3S3+H3+E3+L3(S1+H1+E1+L1)E0S0+H0+E0+L0(S1+H1+E1+L1)E1E3S3+H3+E3+L3(S1+H1+E1+L1)L0S0+H0+E0+L0(S1+H1+E1+L1)L1L3S3+H3+E3+L3(S1+H1+E1+L1)tn,HEL,,:S3S3+H3+E3+L3=SnSn+Hn+En+Ln,E3S3+H3+E3+L3=EnSn+Hn+En+Ln,H3S3+H3+E3+L3=HnSn+Hn+En+Ln,L3S3+H3+E3+L3=LnSn+Hn+En+Ln,,,25lulv,,,,,,,,SnSn+Hn+En+Ln,1.,()(),,,(),2.(),,,,,:,,,3.,,,,,.2004..:,125132.2005..,7:4448.2003..,10:1015.2002.:.,4:8490.1998..:,120127,.2006.:.,2:104114,.1997..,1:1222.1997.:.,6:7180.1999..:,3195Alchian,ArmenandHaroldDmsetz.1972.ProductionInformationCosts,andEconomicOrganization.AmericanEconomicReview,62:777795Alchian,ArmenandSusanWoodward.1988.TheFirmisDead,LongLivetheFirm:AReviewofOliverEWilliamsonpsTheEconomicInstitutionsofCapitalism.JournalofEconomicLiterature,Vol.XXIV(March):6579Aoki.M.1984.ThecooperativeGameTheoryoftheFirm,Oxford:Clarendonpress.Aghion,philipperandPatrickBolton.1992.AnIncompleteContractsApproachtoFinancialContracting,ReviewofEco2nomicStudies,59:473494CheungSteven.1983.TheContractualNatureoftheFirm.JournaloflawandEconomics,26:121Coase,R.H..1937.TheNatureoftheFirm.Economics,9:386405Grossman,S,andHart,O.1986.TheCostsandBenefitsofOwnershipATheoryVerticalandLateralIntegrationJournalofpoliticaleconomy,94:691719Hart,O.1988.IncompleteContractsandTheTheoryoftheFirm.JournalofLaw,EconomicsandOrganization,4(1):119139Hart,OandMoore.1990.PropertyRightsandTheNatureoftheFirm.JournalofPoliticalEconomy,Vol198Hart,O.1995.Firms,ContractsandFinancialStructure,OxfordUniversityPressMilgromPaulandJohnRoberts.1992.Economics,OriginationandManagement,NemJersey:Prentic2Halllnternational,IncYang,X,andNg,Y2K.1995.TheoryoftheFirmandStructureofResidualRights.JournalofEconomicBehaviorandOr2ganization,26:10712835EnglishAbstractsofMainPapersCritiqueofContemporaryAccountingResearchMethodsAnthonyMoung-yinChenInthispaper,anumberofthebasicdifferencesincontemporaryaccountingresearchareexplored:AmericanversusEuropeanresearchperspectives;mathematically2basedversusnon2mathematically2basedresearchapproaches;positiveversusnaturalisticmethodologies;objectiv2istversussubjectivistassumptionsconcerningtheaccountingcraft;functionalistversusinterpretiveparadigmsonaccountingtheory,etc.Facingthedifferences,however,itiscalledforasyntheticviewtorecognizetheuniquestrengthsofthedifferentperspectives.Itisbe2lievedthatthedifferentperspectivescanenrichthemselvesbylearningfromeachother.Thesyntheticviewcanthenenhancetheoverallqualityofaccountingresearch.Facingthewide2rangingneedsofcontemporaryaccountingresearch,theimportantstrategyistomatchresearchmeth2ods/perspectiveswithresearchquestions/purposes.NormativeAccountingResearchandEmpiricalAccountingResearchEvaluationGaiDi&LvZhimingConventionalaccountingresearch(normativeaccountingresearch)originsintheUSAfrom1920sp,andconsummatesitsgoldenerain1960sp.Itisthe1960s1970sthatempiricalaccountingresearchemergesandbecomesthemainbranchofaccountingresearch.Accountingenvironmentsdeterminethedevelopingtrailsofaccountingresearchmethodology.Asresearchingmethods,eitherhasmeritsandshortcomings.Noneofthemcandominatesaccountingresearch,andbeingcompatiblewitheachothershouldbethefinalresult.StudyonRolesofForensicAccountantsinSecuritiesclassactionsforFalseStatementunderTransitionEconomyJinYufang&LiRuoshanAforensicaccountantcanplayanumberofrolesinsecuritiesclassactionandthedisputeresolution.Thispaperanalysestheevidencestandardsofforensicaccountingandspecialexperienceofforeignforensicexperts,andsuppliesreferencestosuchproblemsascalculationoflossesoffinanciallitigations.Stud