企业中混合分权与权力拍卖-西方经济学专业论文.docx

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2018-05-10 发布于上海
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企业中混合分权与权力拍卖-西方经济学专业论文.docx

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企业中混合分权与权力拍卖-西方经济学专业论文

autonomywithinfirmsandtheunderlyingparametersdoesnotholdgenerally.We also investigate how rent-seeking affectsthe optimalallocationofauthority withinmulti-divisionalfirms,andwemodelrent-seekingasamulti-object,interdependentvalue,all-payauction.IftheCEOneedstoselltheinextricablylinkeddecisionsrightstogether,theCEO’s expectedrevenueandorganizationalperformanceareindependentofautctionformats,andthus therevelueequivalentholdsinourinterdependentvalueauction.Theoptimalorganizationalstructureinthepresenceofrent-seekingisnon-monotonicintheneedforcoordination:decentralizationbecomesdominantwhentheneedforcoordinationissufficientlyhigh(soastopreventbiddingforauthority)orsufficientlylow(soastoenhanceeffectiveadaptation).Theseresultsarerobustwhenweintroduceasymmetriesintotheenvironmentalvolatilityorallow reserve price auction.If the CEO cansell thedecisionrightsseparately, the optimalorganizationalstructureinthepresenceofrent-seekingcruciallydependsonwhetherthedivisionmanagerscan communicateexpostafterauction.Withoutcommunication,decentralizationalwaysdominatescentralizationwhilewithcommunication,centralizationbecomesdominantonlywhentheneed forcoordinationissufficientlyhighevenwithrent-seeking.Ourmodelaboutbiddingforauthorityconstitutesthefirstattempttomodelrent-seekingin anincompletecontractframeworkandevaluateitsoptimalityundertheunobservableactions assumption.Moreover,ouranalysiscontributes tothe auctiontheoryfromtwoaspects:Ontheonehand,weprovethecontinuityofbiddingfunctionsgiventhemonotonicassumption.Ontheother hand,itprovidesamethodofsolvingtheinterdependentmulti-objectauction.Keywords:GovernanceStructure;HybridDelegation;BiddingforAuthority;Adaptaion;Coordination.目录摘要............................................................................................................................................ IAbstract .................................................................................................................................... III第一章引言.......