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	历史财务信息的资源配置功能——关于历史财务信息悖论的解读; The Function of Resource Allocation of Historical Financial Information: An Interpretation of the Paradox of Historical Financial Information
	吴水澎 ; 戴泽伟
	2011
关键词	历史财务信息 资源配置决策 人力资本 财务资本 新古典经济学 historical financial information resource-allocation decisions human capital financial capital Neoclassical Economics
英文摘要	新古典经济学认为,历史财务信息很难在资源配置决策中发挥作用。然而,在解释资源配置决策的时候,新古典经济学自身就存在着逻辑上的冲突。事实上,企业是人力资本与财务资本的特殊契约。历史财务信息作为反映企业人力资本在过去一段时间内行为及其结果的制度,在很大程度上能够反映企业人力资本的特质性,从而解决在人力资本可以施加的影响下,企业财务资源和外部资源的定价问题。而企业人力资本特质性的稳定和持续性,也构成了对企业价值判断的基础,从而构成了企业外部财务资本所有者进行资源配置决策的基础。在此情况下,企业的历史财务信息是能够提供关于未来资源配置决策的信息的。伴随着市场竞争的加剧,企业人力资本的特质性显得更加重要。基于此,历史财务信息将会提供更多关于企业未来现金流流量、金额和不确定性方面的信息,从而更好地发挥其支持资源配置决策的重要作用。; Neoclassical Economics posits that it is difficult for historical financial information(HFI) to play a role in the process of resource allocation(RA).However,Neoclassical Economics suffers a logical contradiction when attempting to explain RA decisions.This paper begins with the argument that an enterprise is a special kind of contract between human capital owners and financial capital owners.As an important institutional arrangement to reflect employees' performances and their results for a certain period in the past,HFI reflects to a great extent the heterogeneity of human capital in enterprises and is therefore able to help solve the pricing problem of financial resources and external resources of enterprises in the context of employees capable of exerting an impact on it.It is argued that the stability and sustainability of the heterogeneity of human capital constitute the basis of enterprise pricing,hence the basis of RA decisions by owners of external financial capital.It follows that HFI can yield valuable information for RA decision-makers to plan for the future.As market competition becomes fiercer and fiercer,the heterogeneity of human capital is becoming more and more important.Consequently,this paper concludes,HFI is able to provide more information about the amount and uncertainty of cash flow in the future,and play a more important role in helping RA planners to make informed decisions.
语种	zh_CN
内容类型	期刊论文
源URL	[http://dspace.xmu.edu.cn/handle/2288/102738]
专题	管理学院－已发表论文
推荐引用方式 GB/T 7714	吴水澎,戴泽伟. 历史财务信息的资源配置功能——关于历史财务信息悖论的解读, The Function of Resource Allocation of Historical Financial Information: An Interpretation of the Paradox of Historical Financial Information[J],2011.
APA	吴水澎,&戴泽伟.(2011).历史财务信息的资源配置功能——关于历史财务信息悖论的解读..
MLA	吴水澎,et al."历史财务信息的资源配置功能——关于历史财务信息悖论的解读".(2011).

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