【摘要】 通过构造以Hotelling价格竞争模型为基础的多阶段博弈模型,首先分别分析了在信息对称与信息不对称情况下管理者的努力程度与所有者激励管理者存在的代理成本,然后讨论了在信息不对称情况下外部产品市场的竞争程度对于代理成本的影响。通过分析我们认为外部产品市场竞争程度越高,代理成本越低,外部产品市场能够成为一项促进公司治理绩效的工具。更多还原

【Abstract】 Based on the Hotelling Price Competition Model,we constructed a multistage game model.Firstly,we compared the efforts the agent paid in the situations of symmetric and asymmetric information,then we analyzed the agent cost that the principle must pay in order to incentive the agent.After that we analyzed the effect of product market competition on the agency cost faced with information asymmetry.The results of our analysis showed that Highly competitive product market could reduce the agency cost,and product market could play apositive role to improve the corporate governance.更多还原