CAJ | 학술논문

在母、子公司的博弈中,母公司对子公司的控制程度和子公司执行战略的努力程度反映了双方不同的博弈策略。当母、子公司的博弈实现纳什均衡时,战略收益的分配关系或分配机制是影响母、子公司行为的主要因素。母子公司博弈的纳什均衡,是控制权和剩余索取权配置的一种均衡,通过均衡分析,可找到控制权和剩余索取权配置间的具体联系,揭示母子公司治理的本质。
재모、자공사적박혁중,모공사대자공사적공제정도화자공사집행전략적노력정도반영료쌍방불동적박혁책략。당모、자공사적박혁실현납십균형시,전략수익적분배관계혹분배궤제시영향모、자공사행위적주요인소。모자공사박혁적납십균형,시공제권화잉여색취권배치적일충균형,통과균형분석,가조도공제권화잉여색취권배치간적구체련계,게시모자공사치리적본질。
In the game between parent and subsidiary companies, the degree of controlling over the subsidiary companies and the level of effort put into executing strategy reflect different game strategies of parent and subsidiary companies. When the game reaches Nash equilibrium, the mechanism of strategic revenue distribution is the major factor to influence the behaviors of parent and subsidiary companies. This equilibrium is a configuration equilibrium for control right and residual claims right, from which we can explore the concrete relationship between the two types of rights and uncover the nature of parent-subsidiary companies＇ governance.