财务管理---责任管理模式.pptVIP

Principal-agent Modeling 責任代理模式 我請您們考慮一些問題 A small medical insurance scenario 一個醫療保健的問題 When you have a small illness, do you normally see your doctor? 當你有小病的時候，你會不會自費看醫生？ What about, if your firm pay for your expense? 但是，如果是單位付錢呢，那又怎樣？ 我請您們考慮一些問題 A car maintenance scenario 一個汽車維修的問題 Your car is being rented for 2 months. Supposedly, it needs oiling every month. How likely you will remember to do so? 你的汽車是租來用兩個月的，它需要每月潤滑上油一次。你會不會依時地去上油？ How about if this is your own car? 如果這是你自己的汽車，你又會不會去做？ 我請您們考慮一些問題 A medical insurance problem 自費醫療保險的問題 When we purchase medical insurance, the insurance company usually requires that you disclose your medical history. Pre-conditions are usually excluded from the coverage. 購買保險的時候，它們通常要求你列出你的病歷。但是如果你有大病的話，很可能保險公司不愿意受保。 我請您們考慮一些問題 If you do in fact have some major medical problems that require expensive treatments, would you disclose these problems? 如果你真的有大病, 你會不會真實地上報？ What do all these tell us about certain human behavior? 這些問題表明了一些什么的人性行為？ Agency Problems and Behavior代理人的行為与問題 A moral hazard problem (道德危机問題) when an individual has an incentive to deviate from the contract and take self-interested actions because the other party has insufficient information to know if the contract was honored. 醫療保健 雖然我知道我与雇主的契約明确列出我不要浪費公司的資源。但是用公司的好過用我的嘛！而且公司又不會知道我未能遵守契約。 Agency Problems and Behavior代理人的行為与問題 A horizon problem 水平界線問題 If one party’s risk or compensation is not the same as the other party’s, the one with a shorter horizon will tend to secretly maximize the short-term benefits, at the expense of the other longer-term party. 汽車維修 我明白汽車不維修壽命不會長。但是，兩個月以后這車子變成怎么樣与我無關了吧。 Agency Problems and Behavior代理人的行為与問題 An adverse selection problem 逆向選擇問題 The tendency of individuals with private information about something that affects a potential trading partner’s benefits to make offers that are detrimental to the trading partner. 自費醫療保險:雖然我知道保險公司需要知道我的病歷從而決定保險費。但是誠實的代价是較高的費用。此外，我不說，誰知道。 誰是代理人？什么是代理成本？ An agent is someon