共查询到19条相似文献,搜索用时 343 毫秒
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认为尽管职业经理人的能力可能更强,但只有当企业规模大于临界规模时,企业才会选择聘用职业经理人.运用实物期权的方法,分析得到了企业聘用职业经理人的最优规模(时机),并基于此建立了最优分成制委托代理模型.分析结果表明,在企业考虑实物期权价值的情况下,增大了聘用职业经理人的临界规模,降低了最优分成比例,提高了代理人的努力水平.结果进一步显示,随着市场不确定性的增大,企业聘用职业经理人的临界规模增大,代理人的努力水平降低,最有分成比例增大. 相似文献
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徐云 《数学的实践与认识》2006,36(7):262-266
证券市场的将来是未知的.投资者只能依据所掌握的信息作出相应的投资策略.事实上,信息对投资组合的影响是各种各样的.考虑多个时期有信息作用的投资组合策略问题,建立了有信息影响的最优投资组合的凸规划模型,得到了模型的最优解及其极限,并给出了一些投资组合受信息作用的情形. 相似文献
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郭先平 《数理统计与应用概率》1995,10(2):14-21
本文考虑的是可数状态空间不完全信息的非平衡MDP平均模型,借助于模型的转化,建立了不完全信息的非平衡MDP平均模型的最优方程,并进一步给出了最优方程的解及ε(〉,0)-最优策略存在的充分条件。 相似文献
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在随机需求条件下建立了由一个制造商和一个零售商所组成的闭环供应链差别定价模型。在制造商成本信息对称和信息不对称情况下,分别讨论了闭环供应链的最优差别定价问题,得到了在不同信息条件下的最优定价组合以及最优的订购量.最后通过数值算例分析了成本信息不对称对两种产品的零售价以及订购量的影响. 相似文献
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基于报童模型,研究了由一个制造商与一个零售商组成的双渠道供应链在需求信息不对称条件下的契约协调问题,分别得到了离散和连续两种需求类型下的最优回购契约,并分析了最优回购契约对供应链的协调绩效. 相似文献
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建立了内部信息市场模型,提出并解决了内部信息投资者的平方最优套期保值问题.首先利用初始滤波扩张方法给出了内部信息市场中风险资产的价格动态.其次利用Ito公式和Galtchouk-Kunita-Watanabe分解给出了最优策略的显式表示. 相似文献
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防范经理事后隐藏信息的模型研究 总被引:1,自引:0,他引:1
张勇 《数学的实践与认识》2007,37(20):113-120
首先,指出了经理隐匿信息的道德风险行为对所有者的危害性.其次,构造了一个防范经理在签约后隐匿信息的报酬契约.再次,在委托代理框架下给出了契约的最优解.最后,分析了最优契约的特征与性质.文章得到的一些结论对经理选任聘任机制和报酬激励机制的设计有一定的参考价值. 相似文献
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张勇 《数学的实践与认识》2007,37(13):6-12
首先,指出了经理隐匿信息的道德风险行为对所有者的危害性.其次,构造了一个防范经理在签约后隐匿信息的报酬契约.再次,在委托代理框架下给出了契约的最优解.最后,分析了最优契约的特征与性质.文章得到的一些结论对经理选任聘任机制和报酬激励机制的设计有一定的参考价值. 相似文献
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We consider an agency problem where a firm (she) hires a manager (he) who has related managerial expertise to implement a new project. The manager’s managerial expertise is his private information and characterized as an uncertain variable. The revenue brought about by the project in the future is also assumed to be uncertain. In light of these challenges, this paper investigates the impacts of the manager’s risk attitude and the type-and-effort dependent outside option on the optimal compensation contracts under different information structures. Through developing the manager’s decision criterion based on his risk attitude instead of the expected-utility-maximization criterion, we find that, if the manager is conservative and the outside option’s revenue uncertainty is sufficiently high, the optimal commission rate will be distorted upwards under asymmetric managerial expertise information compared with that under symmetric managerial expertise information. Our analysis also confirms that the existence of a type-and-effort dependent outside option distorts up the compensation structure tailored at a fixed outside option. We further show that, comparing with the setting of a fixed outside option when the manager is aggressive, the presence of a type-and-effort dependent outside option results in a surprising phenomenon that the manager’s private information makes no distortion of the firm’s profit. 相似文献
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声誉效应与经理报酬契约的关系研究 总被引:10,自引:1,他引:9
探讨了声誉对经理报酬契约的影响 .首先 ,分析了经理效用函数的组成 ,将声誉这个隐性激励约束因素引入经理的效用函数 .随后 ,建立了信息不对称下经理的报酬激励模型 .分析了声誉系数对契约中各要素的影响 ,说明了所有者可以利用经理的声誉效应来设计更加有利的报酬契约 .文章最后给出了主要结论 . 相似文献
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This paper derives the owner’s optimal contract with a bonus-incentive and audit when the owner delegates the investment timing decision to a manager with private information on an investment project. The optimal solution not only unifies the previous studies, but also accounts for actual auditing systems in firms. 相似文献
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OLLI TAHVONEN 《Natural Resource Modeling》2008,21(4):525-550
Abstract The economics of fisheries is based heavily on describing fish populations by the surplus production model. Both economists and ecologists have different opinions on whether this approach provides an adequate biological basis for economic analysis. This study takes an age‐structured population model and shows how, under equilibrium conditions, it determines the surplus production model. The surplus production model is then used to solve an optimal feedback policy for a generic optimal harvesting problem. Next, it is assumed that the fishery manager applies this feedback policy even though the fish population actually evolves according to the age‐structured model. This framework is applied to the widow rockfish, Atlantic menhaden, and Pacific halibut fisheries. Population age‐structure contains information on future harvest possibilities. The surplus production model neglects this information and may lead to major deviations between the expected and actual outcomes especially under multiple steady states and nonlinearities. 相似文献
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委托-代理关系下的企业筹资决策模型 总被引:2,自引:0,他引:2
本文建立了在委托代理关系下的企业筹资决策的数学模型 .模型分析表明 ,股东在设立经理激励合同时 ,将经理报酬与权益资本利润率联系起来 ,能够激励经理选择负债经营 ,但经理选择的最优资本结构可能会偏离股东效用最大化的资本结构 . 相似文献
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Walid F. Nasrallah Charbel J. Ouba Ali A. Yassine Issam M. Srour 《Computational & Mathematical Organization Theory》2015,21(3):296-317
In leading a team doing routine engineering design, two orthogonal skill sets can be distinguished: domain-specific or technical skills, and interpersonal “managerial” skills which are more general. This paper presents a computational model of team performance that relates these two types of skills to the amount of managerial and communication work generated given a certain team size (i.e. span of control). This model can be used to derive the optimal managerial profile for any team size, or the optimal team size for the skill set of a specific manager, provided the nature of the work remains fixed. The analysis of the model reveals several interesting insights. First, managerial skills are found to increase team performance up to a point after which it starts to decrease again. Second, a manager needs to compensate for low domain knowledge with high people skills, so optimal managerial skill level increases with lower domain knowledge. Third, both abilities have a significant impact on the manager’s allocated time for his/her group; however, more influence is noticed for managerial skills. Finally, the manager was found to be more essential to large teams. 相似文献
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学生成绩监控指标体系研究 总被引:1,自引:0,他引:1
建立完善的教学质量信息反馈系统是教学质量的重要保障.学生的考试成绩是教学质量信息的重要来源,对其进行分析有助于学校管理层及时掌握教学情况,加强和完善学校的教学管理.本文所讨论的学生成绩监控指标体系,通过对试卷总体质量指标的定量评价,可以了解不同课程、不同教师、不同院系或班级学生的教学状况,达到预期的目的. 相似文献