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企业是利益相关者之间相互缔约形成的利益共同体。企业利益相关者因为对企业契约结构的不同理解和缔约要求所形成的利益冲突,要求对企业财权进行合理安排。通过企业核心利益相关者即企业财权主体之间财权契约的动态运行与优化,将剩余财务控制权和与之对应的剩余索取权在各主体之间进行分散对称安排,将可能达到各主体之间的利益动态均衡状态并提高企业效率。本文在企业财权概念研究的基础上对企业财务的几个基本理论问题作了进一步的探讨,以期能够有助于企业财务理论从技术性向制度性的转化。
The enterprise is a community of interests formed by the mutual agreement between the stakeholders. Because of the different understandings of contracting structure of enterprises and the conflict of interests formed by the contracting requirements, the enterprise stakeholders require that the financial rights of enterprises be reasonably arranged. Through the dynamic operation and optimization of the financial covenants between the enterprise’s core stakeholders, that is, the enterprise’s financial rights entities, the remaining financial control rights and the corresponding residual claims are decentralized and symmetrical arrangements among the various entities, The benefits of dynamic equilibrium and improve business efficiency. Based on the study of the concept of corporate financial rights, this article further discusses several basic theoretical issues of corporate finance in the hope of helping to transform corporate finance theory from technical to institutional.