【作者】 王黎华；

【导师】 干胜道；

【作者基本信息】 四川大学 ， 会计学， 2003， 硕士

【摘要】 传统的经济理论建立在市场信息的完全或完美的假设上，财务理论的研究也长期在此假设下进行。但事实上，经济生活中的信息不对称是一种普遍存在的现象，这种常态下的经济活动表现出更多的不确定性。企业在与其他利益主体进行财务资源交换时，经常处于信息不对称状态，因此经常性地需要进行博弈以控制风险。委托理财是企业财务管理的一个重要方面，这种活动也是处于信息不对称状态下进行的。在此活动中，由于企业——受托金融机构，企业所有者——管理者之间都形成了委托——代理关系，双方在信息不对称情况下的博弈对委托理财的影响举足轻重。另外，企业，尤其是上市公司的委托理财业务在近几年方兴未艾，取得的效益与造成的混乱和风险也是有目共睹的。由于委托理财直接将企业、金融机构、证券市场、股东连结在一起，使委托理财的风险具有了传递性，导致一荣俱荣、一损俱损的状况，对国民经济的影响不容小视。因此，研究企业委托理财在信息不对称状态下的成因、面临的风险以及控制的方法，无疑会为保证企业资金体外循环的安全性以及收益性、提高资金使用效率进而促进金融与证券市场的繁荣与发展带来现实意义。 本文认为，信息不对称状态下委托理财的风险主要来自于两个方面，一是受托金融机构，一是企业管理者。无论是来自于哪方面，信息不对称的作用形式都有两种，一种是“逆向选择”，一种是“道德风险”。由“逆向选择”和“道德风险”所带来的委托理财的风险表现为：成本风险、法律风险、信用风险、行为风险、经营风险、收益风险等。这些风险由委托理财这一具体的财务行为显性化，最终造成了对企业以及所有者的不利影响。 所以，为了解决或尽可能地减少由于信息不对称带来的委托理财的风险，本文在对信息不对称的控制进行了总体的理论分析之后，提出了一些具体措施。这些措施包括:进一步完善法律法规的建设;建立与完善信用体系:进一步明晰企业产权，优化法人治理结构;以不对称性对应不对称性;从企业微观出发，制定优化的激励机制和约束机制，并尽量签订最优合同，保证委托人的利益。更多还原

【Abstract】 Traditional economic and financial theories are based on the perfect market hypothesis. But in fact, the asymmetry of information is common in real economic life. The economic activities under the asymmetric information have more uncertainties. When Corporations exchange their financial resources with other legal entities, they often find themselves exposed to the danger of asymmetric information. Therefore they often use Game Theory to combat the risks. Investment through Fiduciary Agent (ITFA) is an important field of corporate finance. This practice is also carried out under the background of asymmetric information. The relationship between corporations-fiduciary financial firm and business owner-business manager is a typical principal-agent relationship. Each party’s gaming practices under the background of asymmetric information have deep impact on the results of ITFA. As we know ITFA is a popular practice for businesses today, especially the companies that are listed in stock exchanges, the successes and the chaos it ensue are also widely known. The ITFA binds businesses, financial firms, stock markets and shareholders together, the risks in each of these chains are apt to transfer to all of the associated parties and therefore it could influence national economy profoundly. So to tap into the nature of this practice, to analyze its risks and to find appropriate measures to control these risks are very important for businesses to guarantee the safety, theprofit margin and the turnover for their funds, they are also beneficial for the development of the national financial and stock markets.We believe the risks of ITFA primarily come from two sources, one is the fiduciary financial firm and the other is the business manager. No matter where it actually comes from, there are always two types of influence of asymmetric information, the first one is "adverse selection" and the second one is "moral hazard". The financial risks they bring can be generalized as: cost risks, legal risks, credit risks, behavior risks, operation risks, revenue risks, and etc. Both the "adverse selection" and "moral hazard" affect the economy through the direct influence of the actual operations of ITFA.So in order to prevent or to reduce as much as possible the financial risks caused by asymmetric information, we hereby present some concrete measures after analyzing the theories of how to limit asymmetric information. These measures include further perfection of legal framework; building and ameliorating credit system; clarifying business ownership; optimizing corporate management as businesses are treated as legal entities; dealing asymmetric phenomena with asymmetric measures; setting optimized motivation and control scheme based on business reality and to try every efforts to make contracts to guarantee the interests of principal.更多还原