郑育仁和春技术学院企业管理系助理教授兼系主任住址....pdfVIP

Privatization through Bargaining with Specific Buyer * Yu-Jen Cheng Department of Business Administration, Fortune Institute of Technology. ** Leonard Fong-Sheng Wang Department of Applied Economics, National University of Kaohsiung. Abstract: In this paper, the incentive mechanism is adopted to analyze the outcome of SOEs’ privatization by inviting a specific buyer. The specific buyer takes over the SOEs through MA for the purpose of long-term operation. In order to encourage the employees of the privatized company working more aggressive, the specific buyer proposes incentive schemes including bonus-sharing and Employees Stock Ownership Plan, ESOP. Under the different situations as the information symmetry and asymmetry between the specific buyer and the employees of the privatized company, the following topics such as: the level of the employees ’ effort, the willingness of the employees’ stock-holding, and the achievement of the specific buyer’s profit maximizing objective are discussed respectively. It also investigates that how the change of the contents of the incentive schemes affects the bargaining outcomes between the specific buyer and the trade union of the SOEs on the issue of working conditions after privatization. Keywords: Privatization, Specific Buyer, Incentive Mechanism, Bonus-sharing, Employees Stock Ownership Plan * 聯絡人 鄭育仁：和春技術學院企業管理系助理教授兼系主任 。住址：高雄縣大寮鄉琉球村農場 路1 之10 號。電話：(07)7889888 轉6150 ；傳真：(07)7889888 轉6155 ；e-mail ：yrcallen@ms63.hinet.net 。 ** 王鳳生 ：國立高雄大學應用經濟系教授兼副校長。住址：高雄市楠梓區高雄大學路700 號。電 話：(07)5919188 ；傳