| Diversification or splitting-an explanation based on Contract Theory |
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| 作者姓名： | 罗良忠 史占中 |
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| 作者单位： | School of Management，Shanghai Jiaotong University，School of Management，Shanghai Jiaotong University Shanghai 200052，China，Shanghai 200052，China |
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| 摘 要： | INTRODUCTION Williamson (1975), Jensen and Meckling (1976),and Fama and Jensen (1983) held that incentive con-tracts and organizational form are closely tied, andthat organizational form is an optimal response toagency problem. Stiglitz (1986) argued that the in-centive structure of an organization ought to respondquickly to changes in the economic environment inorder to provide appropriate managerial incentives.Corporate divestment is certainly one of the mostdrastic changes in th…
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| 关 键 词： | 契约理论 公司制度 组织结构 股东权利 |
| 收稿时间： | 2 February 2004 |
| 修稿时间： | 1 August 2004 |
Diversification or splitting-an explanation based on Contract Theory |
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| Luo Liang-zhong,Shi Zhan-zhong.Diversification or splitting-an explanation based on Contract Theory[J].Journal of Zhejiang University Science,2005,6(4):329-333. |
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| Authors: | Luo Liang-zhong Shi Zhan-zhong |
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| Institution: | (1) School of Management, Shanghai Jiaotong University, 200052 Shanghai, China |
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| Abstract: | By inserting the variable of the exactness of corporate valuation into the classic model of Contract Theory, this paper,on the bases of the interaction of the variables of the veraciousness of corporate valuation, managerial incentives and operational risks, explores the deep-seated reasons for changes in corporate structures, and draws the conclusion that the divestment of the subsidiary is beneficial to shareholders when the parent corporate is undervalued and that the relation between the parent and the subsidiary is disordered, or vice versa. This conclusion is consistent with the motives of many divestiture cases in reality. |
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| Keywords: | Diversification Specialization Divestment Contract Theory |
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