CAJ | 학술논문

与传统新古典财务理论不同,产权理论将企业融资契约的缔结过程视为企业控制权配置或争夺过程。债务契约是核心的融资契约,其使用的程度和范围决定了企业融资契约的结构,同时也反映了企业所有权结构或者企业治理结构的一般特征。基于企业财务冲突与控制权配置的角度,本文对债务契约与控制权配置关系的理论研究所经历三个阶段（早期的静态控制权理论模型阶段、交易费用经济学理论模型阶段、不完备契约理论模型阶段）进行了理论梳理与述评,并对GHM理论的债务契约与控制权的配置目标与机理进行了论证。
여전통신고전재무이론불동,산권이론장기업융자계약적체결과정시위기업공제권배치혹쟁탈과정。채무계약시핵심적융자계약,기사용적정도화범위결정료기업융자계약적결구,동시야반영료기업소유권결구혹자기업치리결구적일반특정。기우기업재무충돌여공제권배치적각도,본문대채무계약여공제권배치관계적이론연구소경력삼개계단（조기적정태공제권이론모형계단、교역비용경제학이론모형계단、불완비계약이론모형계단）진행료이론소리여술평,병대GHM이론적채무계약여공제권적배치목표여궤리진행료론증。
It is different with tradi property rights theory think it as the tional neo--classical financial theory about enterprise financing that allocation and conflict of control rights of enterprise. Being the core financing contract, the extent and scope of debt contracts not only determine the features of structure of corporate financing contract, also reflect the features of enterprise governance structure. This paper reviews theoretical research on the relation of debt contract and allocation of control rights in three stages （The early stage of the static control rights model; The stage of TEC model; The stage of Incomplete Con- tract Theory model）, and this paper also study on the objective and mechanism of allocation of control rights making use of debt contracts on based GHM theory.