Modern firm theory considers that the firm is a nexus of contracts.
现代企业理论认为企业是一系列合约的联结。
In this paper, we follow the views of modern theory of the firm and treat the firm as a nexus of contracts.
本文主要根据现代企业理论，将企业看成是一系列契约的联结。
Thus a firm is in fact a nexus of property rights contracts stakeholders signed with financial contract as its core, which aims at sustainable development.
因而企业事实上是一个以财务契约为核心的各利益相关者缔结的产权契约联结体。
An enterprise is the nexus of a series of contracts. The importance of the arrangement of property rights comes from incomplete contracts in reality.
企业是一系列合同的契约网络，产权安排的重要性来自于现实世界中的不完全合同。
An enterprise is the nexus of a series of contracts. The importance of the arrangement of property rights comes from incomplete contracts in reality.
企业是一系列合同的契约网络，产权安排的重要性来自于现实世界中的不完全合同。
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