分部经理机会行为与内部资本市场配置效率研究

Division managers' opportunism and the resource allocation efficiency of ICM

分部经理机会主义行为是影响内部资本市场(ICM)配置效率的关键因素。本文剖析分部经理机会行为如何损害多元化企业内部资金配置效率,提出可引入信息租金来有效制衡分部经理机会行为。通过建立"成本—收益权衡模型",说明"共享资金再分配"是多元化企业不同于联合企业资金配置效率之间的关键原因,并论证可以通过支付分部经理非负的信息租金来提高多元化企业内部资金配置效率。

Division managers'opportunism is a key influential factor in the allocation efficiency of ICM(internal capital market).This paper first analyzes how division managers'opportunism impairs the efficiency of ICM in multiplication enterprises.It then proposes a cost-benefit balance model which suggests that'shared capital redistribution'is the main reason for the difference between the efficiency of multiplication enterprises and that of the joint enterprises.It finally argues that the allocation efficiency of ICM can be improved by applying information rent.