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不完全契约和信息不对称的存在,使得债权人承担了与其收益不匹配的财务风险,治理权后置是导致债权人财务风险的直接原因,而信息不对称是导致债权人财务风险的根本原因。所以,债权人的财务风险源自于企业经营风险的转移。因此债权人应将公司的剩余控制权从股东手中转移一部分给债权人,使其拥有更多的经营信息,在经营过程中实现股权和债权的共同治理。本文分析了债权人财务风险成因,并提出了债权人财务风险控制与防范的建议措施。
Incomplete contract and asymmetric information make the creditors take the financial risks that do not match their earnings. The post-management of the right of governance is the direct cause of the financial risk of the creditors, and the asymmetric information is the root cause of the creditors’ financial risk. Therefore, the creditor’s financial risk stems from the transfer of business risk. Therefore, the creditor should transfer the remaining control of the company from the shareholders to the creditors so as to have more business information and jointly manage the equity and the claims in the course of business. This article analyzes the causes of the creditors ’financial risk, and puts forward some measures to control and prevent the creditors’ financial risks.