风险偏好与公司投融资关系浅析

在公司契约框架内．对债权人、国家、股东、经理等不同的利益相关主体来讲，风险具有不同的意义，无风险资产和风险资产也是不相同的。公司各利益相关主体的目标既对立与统一，均衡的结果通过代理人的经济行为表现出来，这使公司法人有了人格特征。公司法人按利益主体实力对比和最后均衡结果．当公司权益的边际效用与债务的边际效用之比和权益债务边际转换率相等时，决定了现实的融资结构。如果公司偏好风险则融资组合中权益融资较少，反之则较多。

The Study about the Relations of Corprate Risk Preference, Investment and Financing

Within the contract of corporation,the risk hase different meanings for creditor,government,shareholder and manager,and so risk asset and riskFree asset.The benefit objective of different people is contradictive,the result of equilibrium is represented through manager's behave,all this make corporation has man's personality.So,Based on different body's power balance,if corporate utility-possibility frontier is equal to the marginal rate of substitution of stock and debt,that decides realistic financing structure.If corporation hates risk,it will have less stocks In their financing combination,contrarily it will get more stocks.