论文：金融契约、预算软约束与国有资产效益关系的实验研究.docVIP

论文：金融契约、预算软约束与国有资产效益关系的实验研究 论文：金融契约、预算软约束与国有资产效益关系的实验研究摘要：预算约束软化弱化了金融契约的治理功能。以国有控股上市公司与国有金融机构间的金融契约关系和预算软约束特征为背景，本研究采用实验研究方法分析金融契约、预算约束与国有资产效益间的关系。实验结果表明金融契约决定所有权控制权分配结构进而决定国有控股上市公司实际控制人治理行为，合理调整预算约束硬度能起到改进实际控制人治理行为保护国有金融机构利益的作用。本研究据此结论提出构建国有经营性资产和金融性资产监督管理体系的思路指出通过金融契约构建国有金融机构与国有控股上市公司之间的契约关系并通过动态硬化预算约束能够达到提高国有资产经营效益的目的。关键字：侵占行为；支持行为；金字塔股权结构；实际控制人Experimental?Study?on?the?Relationship?between?Financial?Contracts,?Soft?Budget?Constraints?and?State-owned?Assets?EfficiencyAbstracts:?Soft?budget?constraints?weaken?the?governance?effects?of?financial?contracts.?Based?on?the?financial?contracts?and?soft?budget?constraints?character?between?state-owned?controlling?listed?firms?and?state-owned?financial?institutions,?this?study?uses?laboratory?experiments?to?study?on?the?relationship?between?financial?contracts,?soft?budget?constraints?and?state-owned?assets?efficiency.?The?experimental?results?show?that?financial?contracts?determine?the?allocation?of?cash?flow?rights?and?control?rights?which?also?determine?the?governance?behaviors?of?state-owned?controlling?listed?firms’?real?controllers.?However,?dynamic?adjusting?the?hardness?of?budget?constraints?improves?the?governance?behaviors?of?real?controllers?and?protects?state-owned?financial?institutions’?benefits.?This?study?shows?that?through?building?up?financial?contracts?relationship?between?state-owned?financial?institutions?and?state-owned?controlling?listed?firms?and?dynamic?adjusting?the?hardness?of?budget?constraints?improve?the?state-owned?assets?efficiency.Keywords:?tunneling;?propping;?pyramidal?ownership?structures;?real?controller对于国有控股上市公司而言，代表国家行使出资人身份的实际控制人的治理行为决定国有企业经营效率。如何有效改进实际控制人治理行为关系到国有资产的保值增值，而与之相联系的就是国有金融机构作为国有控股上市公司的投资者如何保护自身的利益，提高国有金融性资产的经营效益。这一问题是国有资产监督管理的核心问题之一，也是本研究政策建议的落脚点。1引言在现行国有资产监督管理体系下，各级国有资产监督管理机构代表国家成为国有控股上市公司的实际控制人[1]，并且对上市公司的控制主要通过构建金字塔式的股权结构来实现[2]。金字塔股权结构视角下的公司金融研究认为所有权（现金流量权）和控制权的分配决定实际控制人治理行为进而决定公司绩效[3]。而所有权控制权的分配取决于投资者与实际控制人之间的金融契约结构。即金融契约一方面赋予投资者现金流量权即对公司收益分享的权力；另外一方面赋予投