讲座代理论ebd topic 4复习版agency theory.pdfVIP

Lecture4:AgencyTheory:

1.Severalorganizationforms:

●2importantorganizationalforms:

-Entrepreneurialfirm:

Afirmownedandmanagedbyasame.Thatcoordinatesand

monitorstheworkofseveralotherandreceivestheresidualfundsafterfixed

contractualpaymenthavebeenpaid.Thereisnoseparationofownershipand

control.Itscoordinationmechanismisdirectsupervision.Self-employedpeople

receivethefruitsoftheireffortsaone.Iftheyputinmoreeffort,theyproduce

moreandearnmore.Howmuchefforttheyputindependontheirutility

function.Inthiskindofcompany,theentrepreneuristhemonitor.

-Publiccorporation:

Acorporationwithpubliclytradedsharesandwidelydispersedownership.There

isseparationofownershipandcontrol.

-Teamproduction:(Analternativeorganizationalform)

Aworkers’cooperative,inwhichtheworkerscooperateaspeers.It’sasituation

wheretwoormorepeoplecanproducemorewhentheyworktogetherthan

separately,whoseprimecoordinationmechanismismutualadjustment.

However,peopleworkinginsameteamandsharingtheproceedsofworkwill

putinalowlevelofeffortthanpeoplewhoareself-employed.

Shirking:

Peopleworkinginteamandsharingtheproceedsoftheirworkwillputinalower

levelofeffortthanpeoplewhoareself-employed.Thephenomenoniscalled

shirking.Everyteammemberwillbetemptedto受到engageinshirking.Then

thetotaloutputoftheteamiswillbemuchlowerthanifthereisnoshirking.It

isdifficulttodetectshirking.

Monitor:

Supposethatitisdifficultforotherteammemberstodetectshirkingbutnot

verydifficultforsomeonewhoseonlytaskistodetectshirking.Wecallthat

amonitor.Ateamwithamonitorwouldproducemorethanateam

withinamonitor.Toavoidtheproblemofmonitor’sshirking,wecan