上市公司利润导向与成长能力导向目标的激励机制——基于多任务委托代理模型的研究  

Study on Incentive Mechanism of Profit Oriented and Growth—Capability Oriented Objectives for Listed Companies:Based on Multitask Principal-Agent Model

作　　者：黄建山[1] 

机构地区：[1]西安交通大学经济与金融学院,陕西西安710061

出　　处：《当代经济科学》2009年第2期93-99,共7页Modern Economic Science

摘　　要：本文在分析上市公司利润导向与成长能力导向目标的特征及相互关系的基础上,基于Holmstrom和Milgrom(1991)的多任务委托代理模型,构建了上市公司利润导向与成长能力导向目标的激励机制模型,并探讨了代理人在两个目标上的努力程度和代理能力水平对委托代理效果的影响。研究表明:(1)在信息对称条件下,委托人对两个目标的激励因子均为零,即采取固定工资报酬形式,代理人在两个目标上的努力程度和代理能力水平受其行为的自影响系数和交互影响系数的影响。(2)在信息非对称条件下,委托人对两个目标的激励因子不仅受代理人行为的自影响系数和交互影响系数的影响,而且还与两个目标的可衡量程度有关,此时代理人在两个目标上的努力程度和代理能力水平不仅受其行为的自影响系数和交互影响系数的影响,而且还与两个目标的激励因子有关。基于模型结论,本文还提出了提升我国上市公司成长能力的政策建议。Based on the characteristics and relationship of profit oriented and growth-capability oriented objectives and the multitask principal-agent model of Holmstrom and Milgrom,this paper constructs incentive mechanism model of profit oriented and growth capability oriented objectives of listed companies and studied the effects of agent's effort degree and agent capability on these two objectives. The results show that:(1) With symmetric information,incentive factors on these two objectives given by principal are zero,i.e.,fixed wage is adopted; agent's effort degree and his capability on these two objectives are influenced by self-influence coefficient and cross-influence coefficient of agent behavior. (2) However,with asymmetric information,the influence factors on these two objectives are not only influenced by self-influence coefficient and cross-influence coefficient of agent behavior,but also related to symmetrical degree of these two objectives; agent's effort degree and agent capability on these two objectives are not only influenced by self-influence coefficient and cross-influence coefficient of agent behavior,but also related to influence factors on these two objectives. We then propose policy recommendations to enhance the growth capability of Chinese listed companies.

关 键 词：上市公司 利润导向目标 成长能力导向目标 多任务委托代理模型 

分 类 号：F275[经济管理—企业管理] F224[经济管理—国民经济]