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研究生:洪國峰
研究生(外文):Kong-feng Horng
論文名稱:代理問題與風險投資決策
論文名稱(外文):On the decision of risky investment with agency problem
指導教授:陳更生陳更生引用關係
指導教授(外文):Keng-Shen Chen
學位類別:碩士
校院名稱:朝陽科技大學
系所名稱:財務金融系碩士班
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2006
畢業學年度:94
語文別:中文
論文頁數:47
中文關鍵詞:賽局理論契約設計資訊不對稱委託-代理理論訊號理論
外文關鍵詞:contract designgame theoryinformation asymmetrysignaling theoryprinciple-agent theory
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本文將探討公司經理人在做決策時,由於經理人是風險趨避者,他本身會傾向一昧地投資無風險的投資計畫案,但股東不樂見於此。因為股東會比較想投資NPV為正的投資計畫案。而不是投資無風險的計畫案。在雙方出現了權益代理問題,因此股東將藉由契約設計來促使公司經理人選擇正確的投資計畫案也藉由契約設計來減少權益方面之代理問題。本篇將以Lambert(1986)為基礎,將代理問題再細分成兩類,藉由賽局理論的分析,來探討股東如何設計契約,經理人知道契約之後如何做決策。
This paper will investigate the problem that a risk aversive manager invariably invest in riskless projects when making decisions. But the principle will not willing to see it due to preferring the project with positive net present value to riskless projects. To solve this equity-agent problem, principle will design a contract to induce manager to choose the best project, and hence diminish the agency problem. Here we will take the study of Lambert (1986) as a base, and separate the agency problem into two parts. By using the game theory analysis, we are going to discuss the problem that how the principle designs the contract, and how the manager makes the decision when facing the contract.
第一章 緒論
第一節 研究背景……………………………………………1
第二節 研究動機與研究目的………………………………4
第二章 文獻回顧
第一節 代理問題文獻回顧…………………………………7
第二節 訊號發射文獻回顧…………………………………13
第三章 模型設計與無代理問題模型分析
第一節 模型設計……………………………………………17
第二節 最佳解………………………………………………18
第三節 代理問題分析………………………………………19
第四章 代理問題與最適契約
第一節 逆選擇情況分析……………………………………25
第二節 雙重代理問題之均衡分析………………………………31
第三節 均衡解分析…………………………………………33
第五章 結論與建議………………………………………………37
附錄…………………………………………………………………39
參考文獻……………………………………………………………45
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Sinha U. B. ,(2001) “International joint venture, licensing and buy-out under asymmetric information,” Journal of Development Economics 66, 127-151
Smirnov V. and A. Wait ,(2004) “Hold-up and sequential specific investments,” Rand Journal of economics 35, 386-400
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Wang S. and H. Zhou , (2004) “Staged financing in venture capital: moral hazard and risks,” Journal of Corporate Finance 10, 131-155
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