財務(wù)管理-責任代理模式-中英對照(ppt29)-財務(wù)綜合-展示頁
2024-08-30 12:23本頁面
【正文】 Agency Costs ? Residual loss – loss unavoidably arise, despite the bonding and monitoring costs, the contract still cannot yield the utmost benefits, because: ? the agency problems do arise, or ? due to the suspicion of the agency problems, the principal refuses to pay the agent pensations that fully reflect his/her efforts. Dr. ChakTong Chau Fulbright Guest Lecture Materials 14 Examples of the Principalagent Model Effort level Probabilities and payoffs for 4 different events S1= S2= S3= S4= E1=6 $55,000 $55,000 $55,000 $40,000 E2=5 $55,000 $55,000 $40,000 $40,000 E3=4 $55,000 $40,000 $40,000 $40,000 Dr. ChakTong Chau Fulbright Guest Lecture Materials 15 Examples of the Principalagent Model Agent’s Utility Function: Xa189。 Dr. ChakTong Chau Fulbright Guest Lecture Materials 10 誰是代理人？什么是代理成本？ ? There are three (3) types of agency costs. 代理成本有三類： ?設(shè)計限制性契約的成本 (bonding costs) ?建立監(jiān)督制度的成本 (monitoring costs) ?剩餘的損耗 (residual loss) ? Note that some costs are bornt by the principal but some are bornt by the agent. 注意的是，有時這些成本是由委托人 (principal)負擔。 Dr. ChakTong Chau Fulbright Guest Lecture Materials 9 誰是代理人？什么是代理成本？ ? An agent is someone who has certain special expertise that is desired by the principal to use for his/her benefits. The agent is usually risk adverse, has decision rights to manage, but does not own, the anization’s assets. 代理人 (agent) 是任何人在公司有決策權(quán)力，但是并非產(chǎn)權(quán)的最終所有者。但是誠實的代價是較高的費用。但是，兩個月以后這車子變成怎么樣與我無關(guān)了吧。但是用公司的好過用我的嘛！而且公司又不會知道我未能遵守契約。但是如果你有大病的話，很可能保險公司不愿意受保。1 Principalagent Modeling 責任代理模式 Dr. ChakTong Chau Fulbright Guest Lecture Materials 2 我請您們考慮一些問題 ? A small medical insurance scenario 一個醫(yī)療保健的問題 When you have a small illness, do you normally see your doctor? 當你有小病的時候，你會不會自費看醫(yī)生？ What about, if your firm pay for your expense? 但是，如果是單位付錢呢，那又怎樣？ Dr. ChakTong Chau Fulbright Guest Lecture Materials 3 我請您們考慮一些問題 ? A car maintenance scenario 一個汽車維修的問題 Your car is being rented for 2 months. Supposedly, it needs oiling every month. How likely you will remember to do so? 你的汽車是租來用兩個月的，它需要每月潤滑上油一次。你會不會依時地去上油？
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