德勤－复旦会计论坛系列讲座之一百七十四

时　间：2019年12月6日（周五）上午9：00

地　点：史带楼302室

主持人: 吕长江 教授

主讲人：T.J. Wong (University of Southern California)

主　题：Bridging Relational Networks and Markets: Corporate Governance, Accounting Information and Relational Contracts

摘　要：In emerging economies, operating transactions are carried out not in markets but within networks of related stakeholders. The paper presents a contracting framework to show that the primary objective of corporate governance and accounting in these economies is to facilitate firms’ relational contracts with their related stakeholders and protect the interests of these stakeholders. Resolving the firms’ agency conflicts with arm’s length capital providers is not necessarily the primary goal of corporate governance and accounting. Thus, to reduce the agency costs of raising arm’s length capital, firms will have to consider the interests of all its stakeholders when developing governance mechanisms that protect arm’s length capital providers. I discuss two recent China papers that show the role of information intermediaries’ embeddedness in firms’ social network in enhancing their ability to bridge the information gap between the firms and their arm’s length shareholders. We also propose research opportunities of using the contracting framework to study how accounting and corporate governance can help emerging market firms bridge between relational networks and markets.

会计学系

2019-11-29