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題名:在資訊不對稱下專技人員委託代理最適契約的研究
作者:張永煬
作者(外文):Yon-Yang, Chang
校院名稱:中華大學
系所名稱:科技管理研究所
指導教授:高安邦
賀力行
學位類別:博士
出版日期:2006
主題關鍵詞:資訊不對稱資訊經濟學委託代理理論激勵誘因相容information asymmetryinformation economicsprincipal-agent theoryincentive compatibility
原始連結:連回原系統網址new window
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摘 要
1970年代是不對稱經濟的奠基年代,至2001年諾貝爾經濟獎得主阿卡洛夫(George A.Akerlof)、史賓斯(A.Micheal Spence)及史蒂格里茲(Joseph E.Stiglitz)三位學者對市場存在之不對稱訊息提出更廣泛確切的驗證分析,確立了不可磨滅的貢獻,將此經濟理論運用到現實生活的經濟環境中。
本文在委託代理理論、資訊經濟學及賽局理論的框架下研究資訊不對稱最適契約的建立,企圖找尋建立一套合理的誘因相容契約,作為解決委託代理問題的機制,從效用理論出發,就委託代理雙方的行動選擇、外生性質狀態、得益問題及契約模型等方向進入,並以台灣中小企業聘雇稅務代理人為例驗證分析,並得到以下結論:
一、委託人所設計的激勵相容契約具有一定的狀態依存性。當brσ2<1時,委託人應提出高風險、高利潤分享比例且低固定薪資的激勵契約。當brσ2>1時,則應提供低風險、低利潤分享比例且高薪資水準的激勵合約。
二、委託人所設計的誘因相容契約,其最優激勵程度會隨著代理人利潤分享比例的增加而降低。但是委託人若能在產出過程做出自己的貢獻時,代理人就很難保證獲得最優的結果。
三、委託人的監督機制與積極主動的優勢也是激勵合約設計時不容忽視的因素及激勵合約效率最大化的重要因素。
Abstract
1970s was the foundation laying time for information and uncertainty economics. Until 2001 three Nobelists of Economics prizes George A. Akerlof, A. Micheal Spence and Joseph E. Stiglitz advanced the extensive and precise verify analysis on existing asymmetric information in market and established an indelible contribution by applying economic theory to the real life.
The study is for establishing the optimal contract of information asymmetry under three frameworks Principal-Agent Theory, Information Economics and Game Theory. The Intention of this study is to find out a reasonable incentive compatible contract for the principal-agent problem. Taiwanese small and medium size enterprises hiring tax agents were used as an example to verify the validity of the research. The conclusions are as the following :
1. The principal designs incentive compatible contract has certain state interdependence. When brσ²<1, the principal ought to provide the incentive contract of high risk, high earnings share proportion and low salary. When brσ²>1, he ought to provide the contract of low risk, low earnings share proportion and high salary.
2. The principal designs incentive compatible contract, the optimal incentive degree is reduced when the agents’ benefit share proportion is increasing. But if the principal released the contribution in the process, agents are difficult to guarantee gaining the best result.
3. The advantages of the surveillance mechanism and the positive action of the principal are not allowed to neglect in designing the incentive contract, and promoting the efficiency.
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