企业聘用职业经理人的最优时机及其委托代理模型

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.

Study on Firms' Optimal Hire Time to Professional Manager and Principle-agent Model

This paper thought although the professional manager′s ability may be better,he isn′t hired until the scale of firm is larger than the critical one.By applying the real options approach,the firms′ optimal hire critical scale to professional manager is obtained.Based on that,this paper set up the optimal sharecropping principle-agent model.The results of analyze indicated that the firms′ real options value raises the hire critical scale to professional manager,decreases the optimal sharecropping fraction,and raises the agent′s effort level.Further,it showed that the critical scale increases,the agent′s effort level decreases and the optimal sharecropping fraction increases as the market′s uncertainty increases.