委托人与代理人的投资效用

Principal and agent's investment utilities

在市场信息非对称的条件下 ,探讨了下列问题 :1代理人的绝对风险厌恶系数与其投资效用之间的关系 ;2代理人持股比例、道德风险程度与其投资效用的关系 ;3外部投资者绝对风险厌恶系数与投资额的关系 ;4外部投资者的绝对风险厌恶系数与其投资效用的关系 ;5代理人持股比例的变化与外部投资者投资效用的关系 .在一定的条件下 。

In this paper, on the condition of asymmetric information, we study the following problems,(I)The relationship between the degree of the agent's absolute risk-aversion and his investment utility,(II)the relationship between the proportion of the agent's holding shares ,the degree of agent's moral hazard and his investment utility ,(III)the relationship between the outsider investors' degrees of their absolute risk-aversion and the firm's investment amount,(IV)the relationship between the degrees of the outsider investors' absolute risk-aversion and their investment utilities,(V)the relationship between the change of the proportion of the agent's holding shares and the outsider investors' investment utilities. Under some conditions, we obtain the corresponding results.