简介动态合约理论及其在ceo薪酬设计中的应用

《简介动态合约理论及其在ceo薪酬设计中的应用》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。

1、维普资讯http://www.cqvip.com第42卷第5期复旦学报(自然科学版)V_01．42No．52003年10月JournalofFudanUniversity(NaturalScience)Oct．2003ArticleⅢ：O427—7104(2oo3)O5—0655一O9AnIntroductiontotheTheoryofDynamicContractandItsApplicationstoCEOCompensationGhfmg、^／ANG(Departn~ntofEconomics，IowaS

2、tateUniversity)AbsI眦t：Manyeconcmficinstitutions&rebasedonalong-termcontract．DynamiccontracttheoryisausefultoolforyziI1gavarietyofeconomicissues．ThisessayreewsthreefounaimodelsofdynamiccontractsinthecontextofCF_Docnlpa1s．Thesemodelsshowthatdynamiccontracttheor

3、yhasinterestingimpllcationsforunderst~dingtheobservedCF_Docnlp嘲妇dynamicsandfortheoptimaldesignofCF_Dincentivecontracts．：dynamico3ntracts；incentives；CF_DocmapensationcLc圳哪曲盯：F224．9：F270D删I螂ntcode：A1IntroductionManyeconomicinstitutionscaI1beviewedaSbasedonacont

4、ract。explicitlyorimplicitly．ThefirmcaI1beviewedasacontractbetweentheownersofthefirmanditsemployees(managersandworkers)．Lendin—gandborrowingrelationshipsareoftengovernedbyacontract．Financialassetssuchasequities，options，bankloansareallspecificformsofacontract．C

5、ontractsareoftenlong—termanddynamicinnature．Corporateexecutivesusuallystayonapositionformanyyears，andtheirpaysoftenvRryaccordingtopastjobperformance．Mostfinancialcontractssuchasbankloansarelong—termandthetermsofthecontractsaresubjecttofuturenegotiations．Thepu

6、rposeofthisessayistopresentabriefintroductiontothetheoryofdynamiccontract．Thisisnotacomprehensivesurveyoftheliterature．1willproceedthroughthreespecificmodelsthatarebased。respee—tively，onthreepapersIhavewritten(Wangc])，SpearandWang[2。，Wang[]onthetopicofdynamic

7、con—tracting．Soinsomesensethisessayisapartialreportofmyownresearcheffortsinthearea．2AmodelofdynamicmoralhazardLettimebedenotedt=0，1，2，⋯thereisoneconsumptiongoodinthemode1．Consumptiontakesplaceattheendofeachperiod．Inperiod0，theowner(shareholders)ofafirmhiresan

8、la1．1agertorunthefirm．eshareholdersandtheITtanagerareallexpectedutilitymaximizers．eiTiRnagermaximizesEo∑y-IH(c，dt)f=1where∈(0，1)isthemanager’sdiscountfactor，ctismanager’sconsumption(compe