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《JOURNAL OF BEIJING UNIVERSITY OF AERONAUTICS AND ASTRONAUTICS》 1999-05
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Principal Agent Analysis under Stock Cooperation System

Gao Yuanyang Chen Liangyou Yuan Zhishan (Beijing University of Aeronautics and Astronautics,School of Management)  
This paper introduces an important characteristic of the enterprises under the stock cooperation system, i.e. the internalization of the principal, which means the employees of the enterprise are both principals and agents at the same time. This point is taken into the principal agent analysis of the enterprises with a simple model. The results show that under this system, although the allotment of shares of an enterprise has an important effect on employees' enthusiasm, it can't solve the employees' free rider problem well and some incentive measures which are effective in other enterprises are probably no longer effective in this case.
【CateGory Index】: F270
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