Study On Influence Mechanism Of The Financial Contracts For Enterprise Value

According to the modern theory of the firm, the firm is a series of contracts-linked, and "financial contract "in the central position of the business contracts has always been the focus of Western academic research since the seventies of last century. Specifically, the financial contract theory is born on agency theory; property rights theory, asymmetric information and incomplete contract theory with game theory. The people's basic financial relationships are identified through the financial contracts in the area of corporate finance and corporate finance governance, including option contracts among different shareholders, the management compensation contracts signed between the managers and shareholders and the debt contracts among managers, shareholders and creditors. The research on Influence mechanism of the financial contracts for enterprise value is of positive significance to improve the investors'enthusiasm and reduce agency costs and improve operating efficiency and corporate financial governance standards.Firstly, the article reviews the related domestic and international research on financial contracts, as well as the financial contract theory-the evolution of new theoretical model of capital structure, and analyses the Western financial contract theory research results in detail; Secondly, based on the previous text, it research on influence mechanism of the financial contracts for enterprise value, and specifically analyze the effectiveness of the financial contract contracting conditions for the corporate value one by one according to the classification of financial contract; Finally, with the analysis based on 632 Company financial statements data, the empirical test verifies the theoretical studies. On the basis of previous studies the article expands the scope of the study, and describes the influence mechanism of more comprehensive financial contracts for enterprise value, not just the debt contract. At the same time, it measures the influence of financial contracts with the concept of contracting effect for the empirical research.Through the theoretical and empirical analysis Confirm the financial Contracting effect and its implementation directly affect the validity of the economic interests of enterprises, So setting the conclusion of the financial contract, the contract must be carefully considered the principal balance between relevant economic people'rights and obligations; In addition, the financial contract can make the control of the company transferred at the appropriate time, so that the control of business has always been in the key person, to ensure that business objectives and corporate financial goals remain the same, which is significant for improving the operational efficiency of enterprises, and enhancing the ability to create enterprise value.