CAJ | 학술논문

新古典经济学在成本的论述上，并没有坚持机会成本观，与其“个人选择”的逻辑起点冲突。而主观主义经济学在成本观阐述上，坚持了“个人选择”。本文以主观主义经济学的思想为前提，采用逻辑演绎的方式系统论证了如下命题：(1)如果“机会成本”等同于效用，那么，非货币性收益是如何从证券定价函数中消失的？(2)记录企业过去行为结果的历史成本制度，在什么前提下，能够传递出对证券定价有用的信息？(3)固定成本和变动成本是否会导致个体决策上的差异？本文得到如下结论：(1)陌生人社会的崛起，委托人和代理人之间非货币性收益的不可转让性，导致对证券的定价，无需考虑非货币性收益；(2)在企业的最终产出受到人力资本异质性和外部资源冲击，而这两者无法直接定价时，记录企业过去一段时间的行为结果，将有助于间接预测不同证券持有的机会成本；(3)受制于要素交易契约形式的外生性和市场按类别交易，固定成本与变动成本将会带来不同的决策风险，进而需要对其做出区分。
신고전경제학재성본적논술상，병몰유견지궤회성본관，여기“개인선택”적라집기점충돌。이주관주의경제학재성본관천술상，견지료“개인선택”。본문이주관주의경제학적사상위전제，채용라집연역적방식계통론증료여하명제：(1)여과“궤회성본”등동우효용，나요，비화폐성수익시여하종증권정개함수중소실적？(2)기록기업과거행위결과적역사성본제도，재십요전제하，능구전체출대증권정개유용적신식？(3)고정성본화변동성본시부회도치개체결책상적차이？본문득도여하결론：(1)맥생인사회적굴기，위탁인화대리인지간비화폐성수익적불가전양성，도치대증권적정개，무수고필비화폐성수익；(2)재기업적최종산출수도인력자본이질성화외부자원충격，이저량자무법직접정개시，기록기업과거일단시간적행위결과，장유조우간접예측불동증권지유적궤회성본；(3)수제우요소교역계약형식적외생성화시장안유별교역，고정성본여변동성본장회대래불동적결책풍험，진이수요대기주출구분。
In the discussion of the cost view,neoclassical economics does not insist on the opportunity cost,which contradicts the logic of individual choice.Subjectivism economics insists on the discussion of its cost view on the basis of individual choice.This paper systematically discusses these viewpoints with the logical deduction based on the thought of subjectivism economics.If the opportunity cost is utility,why does non-monetary benefit disappear in the security pricing function? Why can the historical cost system provide some useful information in pricing function? Are there obviously different between fixed cost and variable cost,when they are employed to make decision? This paper provides some conclusions as follows. Firstly,with the development of stranger society,the inalienability of non-monetary benefit between prin-cipals and agents,excludes the non-monetary,benefits in the security pricing function.Secondly,influ-enced by the heterogeneity and external environment which cannot be directly measured,the historical cost system can be helpful to predict the opportunity cost of different securities.Thirdly,under the pressure of exogenesis of contract form,fixed cost and variable cost will bring some different risks.