Study On The Influence On Corporate Value By Enterprise Contract Performance On The Basis Of Incomplete Contract Theory

The domestic and foreign scholars through a large number of empirical studies have found, a country’s economic development level influences on the enterprises social responsibility perform, and the enterprise devoted to perform the contract responsibility is reflecting a country’s enterprises developed degree and harmony of social development. They also found that a country’s economic development level influence enterprise’s fulfillment of contractual obligations, with fulfillment of both economic and social responsibility. Enterprises under the binding force of the contract need to undertake the corresponding economic responsibility and social responsibility. The impact of contract content, contract form, and the performance level on the enterprise value, whether it is consistent with enterprise expectation, both are worth thinking about. Thinking of incomplete contract theory and contract incompleteness, enterprise need adequate attention to implicit contracts. Some enterprises only consider immediate interests while ignoring the performance of the implicit contract, which is inadvisable. The negative impact of enterprise image and enterprise value brought by this practice is difficult to estimate and not easy to recover. Academic research on corporate social responsibility is beneficial to the performance conditions and mechanism of the implicit contracts. Along with our country’s enterprise society responsibility problem increasingly prominent, study of the implicit contract content, its form and the performance mechanism is of great significance. From both the theoretical study and practice perspectives, the domestic lags behind of foreign countries. In foreign companies, the disclosing of the relevant social responsibility information, performance of the implicit contracts and the performing level of social responsibility are higher than domestic companies. As the domestic financial data of listed companies is constantry enriched and perfected, the improvement of the corporate social responsibility report system, will gradually narrow the gap. At present scholars’ research on the relationship between the corporate social responsibility and corporate value have divergence. This article take the contract theory and incompleteness of contracts as the breakthrough point, pointing out the differences between dominant contract form and implicit contract form, both with their transformation ideas, The article both adopt normative research and empirical research method, making implicit contracts indexes quantization, discussing the relationship between the enterprise contract and enterprise value, which will provide some advice for our country’s enterprise development.First of all, this article show the hidden contract incompleteness and contract classification as the research basis through the enterprise contract theory and related literature summary and analysis of incomplete contract, combining with the stakeholder theory, considering the legal responsibility and social responsibility of enterprises. On the above basis, the article discuss the connotation of enterprise value, enterprise contract’s influence on the enterprise value and the mechanism of the resulting assumes that the content of this paper, for the research conclusion of this paper provide theoretical guidance.Secondly, on the basis of reference literatures at home and abroad, the article has deep thinking of the enterprise contract content and incomplete features, then correct the data of enterprise value and enterprise performance of the contractual liability measure, and then establishing the empirical model. This article uses the sampling data of Shanghai A-share manufacturing listed companies in our country, using multiple linear regression method to test the internal relation between enterprise contract performance and enterprise value.Finally, the article explains the results of empirical test, discussing improvement measures and advice of China’s enterprises’perform of the contract responsibility under the current situation.