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題名:風險、固守職位與經理人契約
書刊名:企業管理學報
作者:詹家昌 引用關係劉維琪 引用關係吳欽杉
作者(外文):Chan, Cha-chungLiu, Victor W.Wu, Chin-shun
出版日期:1997
卷期:41
頁次:頁33-58
主題關鍵詞:固守職位Entrenchment
原始連結:連回原系統網址new window
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  • 被引用次數被引用次數:期刊(3) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:0
  • 共同引用共同引用:0
  • 點閱點閱:22
     在本文的模型中,風險中立的股東必須激勵經理人選擇最適風險的投資計畫。經 理人報酬函數的曲度若為產出的函數,就會影響經理人面對投資風險的態度。因而經理人控 制風險與固守職位的相互抵銷效果,將決定經理人薪資函數的最適曲度,且股東所採取的薪 資策略與投資計畫的風險有密切關係。本文證明當投資風險的選擇不可觀察時,股東將在特 定條件下承擔投資的效率損失;當投資風險的選擇可觀察時,股東會以凸性薪資契約,誘使 經理人選擇最高風險之投資計畫。
     In this model, risk-neutral shareholders have to motivate managers to choose the optimal risk of investment projects by using different compensation contracts. The curvature of managers' compensation contract as a function of output will affect their attitude toward investment risk. The optimal curvature depends on the trade-off between risk controlling and managerial entrenchment. There is a close relationship between the return of the compensation strategy and risk taking. This paper has demonstrated that the shareholders will have an efficiency loss when the investment alternatives are unobservable and under some specific conditions. When the choice of risk taking can be observable, the owners will induce managers to select higher risky investments by a convex compensation contract.
期刊論文
1.Hirshleifer, D.、Thakor, A. V.(1992)。Managerial conservatism, project choice, and debt。Review of Financial Studies,5(3),437-470。  new window
2.Greenwald, Bruce C.、Stiglitz, Joseph E.(1990)。Asymmetric Information and the New Theory of the Firm: Financial Constraints and Risk Behavior。American Economic Review,80(2),160-165。  new window
3.Walsh, J. P.、Seward, J. K.(1990)。On the Efficiency of Internal and External Corporate Control Mechanisms。Academy of Management Review,15(3),421-458。  new window
4.Stephen, J. A.、Whaley, R. E.(1989)。Management Entrenchment: The Case of Manager-Specific Investment。Journal of Financial Ecomics,25(1),191-220。  new window
5.Murphy, K.(1986)。Incentives, Learning, and Compensation: A Theoretical and Empirical Investigation of Managerial Labor Contracts。RAND Journal of Economics,17(1),59-76。  new window
6.Kim, S. K.、Suh, Y. S.(1991)。Ranking of accounting information systems for management control。Journal of Accounting Research,29(2),386-396。  new window
7.Harris, M.、Raviv, A.(1979)。Optimal Incentive contracts with imperfect information。Journal of Economic Theory,20(2),231-259。  new window
8.Hirshleifer, D.、Suh, Y.(1992)。Risk, Managerial Effort, and Project Choice。Journal of Financial Intermediation,2(3),308-345。  new window
9.Nagarajan, N. J.、Stvaramakrishnan, K.、Sridhar, S. S.(1995)。Managerial Entrenchment, Reputation and Corporate Investment Myopia。Journal of Accounting, Auditing and Finance,10(3),565-585。  new window
10.Brander, J.、Poitevin, M.(1992)。Managerial Compensation and the Agency Costs of Debt Finance。Managerial and Decision Economics,13(1),55-64。  new window
11.Dye, R. A.(1986)。Optimal Monitoring Policies in Agencies。RAND Journal of Economics,17(3),339-350。  new window
12.Baiman, S.、Demski, J.(1980)。Economically Optimal Performance Evaluation and Control System。Journal of Accounting Research,18(Suppl.),184-220。  new window
13.Lambert, R. A.(1986)。Executive Effort and The Selection of Risky Projects。RAND Journal of Economics,17(1),77-88。  new window
14.Mukherji, A.、Nagarajan N. J.(1995)。Moral Hazard and Contractibility in Investment Decisions。Journal of Economic Behavior and Organization,26(3),413-430。  new window
15.Stoughton, N. M.(1993)。Moral Hazard and the Portfolio Management Problem。Journal of Finance,48(5),2009-2028。  new window
16.Fama, Eugene F.、Jensen, Michael C.(1983)。Separation of ownership and control。The Journal of Law & Economics,26(2),301-325。  new window
17.Grossman, Sanford J.、Hart, Oliver D.(1983)。An Analysis of the Principal-Agent Problem。Econometrica: Journal of the Econometric Society,51(1),7-45。  new window
18.Hölmstrom, Bengt(1979)。Moral Hazard and Observability。The Bell Journal of Economics,10(1),74-91。  new window
19.Fama, Eugene F.(1980)。Agency Problems and the Theory of the Firm。Journal of Political Economy,88(2),288-307。  new window
20.Fama, Eugene F.、Jensen, Michael C.(1983)。Agency Problems and Residual Claims。The Journal of Law and Economics,26(2),327-349。  new window
21.Amihud, Yakov、Lev, Baruch(1981)。Risk Reduction as a Managerial Motive for Conglomerate Mergers。Bell Journal of Economics,12(2),605-617。  new window
22.Jensen, Michael C.、Meckling, William H.(1976)。Theory of the firm: Managerial behavior, agency costs and ownership structure。Journal of Financial Economics,3(4),305-360。  new window
圖書論文
1.Ross, S. A.(1974)。On The Economic Theory of Agency and The Principle of Similarity。Essays on Economic behavior under Uncertainty。Amsterdam, North-Holland。  new window
 
 
 
 
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