CAJ | 학술논문

通过构造以Hotelling价格竞争模型为基础的多阶段博弈模型,首先分别分析了在信息对称与信息不对称情况下管理者的努力程度与所有者激励管理者存在的代理成本,然后讨论了在信息不对称情况下外部产品市场的竞争程度对于代理成本的影响。通过分析我们认为外部产品市场竞争程度越高,代理成本越低,外部产品市场能够成为一项促进公司治理绩效的工具。
통과구조이Hotelling개격경쟁모형위기출적다계단박혁모형,수선분별분석료재신식대칭여신식불대칭정황하관리자적노력정도여소유자격려관리자존재적대리성본,연후토론료재신식불대칭정황하외부산품시장적경쟁정도대우대리성본적영향。통과분석아문인위외부산품시장경쟁정도월고,대리성본월저,외부산품시장능구성위일항촉진공사치리적효적공구。
Based on the Hotelling Price Competition Model,we constructed a multistage game model.Firstly,we compared the efforts the agent paid in the situations of symmetric and asymmetric information,then we analyzed the agent cost that the principle must pay in order to incentive the agent.After that we analyzed the effect of product market competition on the agency cost faced with information asymmetry.The results of our analysis showed that Highly competitive product market could reduce the agency cost,and product market could play apositive role to improve the corporate governance.