CAJ | 학술논문

尽管经济学者已经从理论上对金融契约中承诺的作用进行了大量分析，然而由于研究环境所限，目前依然缺乏该方面的实证研究。本文借助中国股权分置改革的数据，对金融契约中的承诺进行了系统的分析。结果表明：承诺降低了非流通股股东的股改成本；同时，流通股股东也对承诺作出了正面的积极的反应。因此，整体上看，承诺具有经济价值，起着帕累托改进的作用。但是，我们的分析同时也表明，并非所有的大股东都可以作出被流通股股东所接受的承诺，承诺的价值依赖于承诺方的信誉和其所处的契约环境。这意味着政府致力于改善契约环境，将有利于提高经济效率。
진관경제학자이경종이론상대금융계약중승낙적작용진행료대량분석，연이유우연구배경소한，목전의연결핍해방면적실증연구。본문차조중국고권분치개혁적수거，대금융계약중적승낙진행료계통적분석。결과표명：승낙강저료비류통고고동적고개성본；동시，류통고고동야대승낙작출료정면적적겁적반응。인차，정체상간，승낙구유경제개치，기착파루탁개진적작용。단시，아문적분석동시야표명，병비소유적대고동도가이작출피류통고고동소접수적승낙，승낙적개치의뢰우승낙방적신예화기소처적계약배경。저의미착정부치력우개선계약배경，장유리우제고경제효솔。
Although these have been so many theory papers looking into the value of commitment in the contracting process,empirical analyses remain rare. In this paper, by investigating the ownership split reform in China, we empirically analyze the role of commitment. Our results show that commitment plays an important role in the contracting process：It decreases the reform costs for the nontradable shareholders and tradable shareholders also positively respond to the commitment. Thus, overall making commitment has economic value and is a Pareto improvement. However,our further analyses also reveal that not all nontradable shareholders can make credible commitment that would be accepted by tradable shareholders：The economic value of commitment depends on the reputation and also on the contracting environments. This implies that governments dedicate to improving contracting environments will be helpful to improve economic efficiency.