|
| 文章编号：1672-3104(2003)06-0776-05 |
| |
|
我国经理人市场定价效率及实证分析 |
| |
黄健柏, 钟美瑞 |
| |
|
（中南大学商学院，湖南长沙，410083） |
| |
| 摘 要： 有效的经理人市场定价必须反映出经营者参与企业剩余索取权的分配；反映所有者激励机制设计原则，克服经理人机会主义行为；并考虑风险分担带来的成本与收益之间的平衡。通过对我国内部经理人市场定价效率进行实证分析，对提高我国经理人市场定价效率提出了加快制度环境建设，重视人力资本价值并通过股票、股票期权、虚拟股票的形式使之参与剩余分配的政策建议。 |
| |
| 关键词： 经理人市场；定价效率；委托－代理理论；风险分担 |
| |
|
| |
Pricing efficiency theory study of handlers market and
empirical analysis to China interior handlers market |
| |
HUANG Jian-bo, ZHONG Mei-rui |
| |
（Business School of Central South University, Changsha 410083, China） |
| |
| Abstract: Based on human capital theory,principal-agent theory and property rights theory, this paper analyzes a few rules to identify pricing efficiency of handlers market such as participating the allocation of claim to firm's residue；meeting design principle of owner incentive mechanism to overcome manager opportunism behavior；Concerning about tradeoff between cost and benefit resulting from risk share. And According to these rules the paper carries through empirical analysis to China interior handlers market. Finally, we bring forth policy suggestion on how to improve pricing efficiency of China handlers market such as quickening institutional environment construction and attaching importance to human capital value in order to participate in the allocation of claim to firm's residue through stock,stock option and virtual stock. |
| |
Key words: handlers market；pricing efficiency；principalagent theory ；risksharing |
| |
|
