摘要
进一步扩展了Gillette的基本模型,比较了静态投票机制和序贯投票机制的决策效率。研究结果显示,序贯投票机制由于能够让内部董事对项目信息质量进行信号传递,将有效提高好项目通过的概率;与此同时,坏项目通过的概率将会因为全部内部董事勾结造成信息传递"失真"而提高,但是在引入惩罚机制后,将有效弥补序贯投票机制的不足,从而大大提高董事会决策效率。
In this paper,we develop a model based on Gillette,then compare decision-making efficiency between static voting mechanism and the sequential voting mechanism.The results suggests that Sequential voting mechanism heightens the probability of a good project to be adopted,because inside directors can transmission the quality of signal,however,the probability of a bad project to be adopted is heightened because of ＂signal distortion＂.The introduction of punishment mechanism will effectively compensate for the lack of sequential voting mechanism,greatly improves the efficiency of board decision-making.
出处
《经济问题》
CSSCI
北大核心
2010年第10期69-72,共4页
On Economic Problems
基金
国家社科基金项目"通过促进企业平稳较快发展保持经济稳定
金融稳定和资本市场稳定的对策研究"(08AJY045)
关键词
决策机制
静态投票
序贯投票
decision-making mechanism
static voting
sequential voting
