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认为尽管职业经理人的能力可能更强,但只有当企业规模大于临界规模时,企业才会选择聘用职业经理人.运用实物期权的方法,分析得到了企业聘用职业经理人的最优规模(时机),并基于此建立了最优分成制委托代理模型.分析结果表明,在企业考虑实物期权价值的情况下,增大了聘用职业经理人的临界规模,降低了最优分成比例,提高了代理人的努力水平.结果进一步显示,随着市场不确定性的增大,企业聘用职业经理人的临界规模增大,代理人的努力水平降低,最有分成比例增大.
The author thinks that although the professional manager’s ability may be stronger, the enterprise will choose to hire the professional manager only when the size of the enterprise is larger than the critical size.Using the real option method, the optimal scale of hiring the professional manager ), And based on which, the optimal commission model is established.The analysis results show that when enterprises consider the value of real option, they increase the critical scale of hiring professional managers, reduce the optimal proportion and improve the agency People’s level of effort.The results further show that with the increase of market uncertainty, the critical scale of hiring professional managers increased, the level of agent’s efforts decreased, and the proportion of the most share increased.