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云浮翻譯公司關(guān)鍵字： The third point is most difficult to monitor, the most private information advantage of those who should have some residual claims and control, or ownership (Yang and Huang Youguang 1995; Zhang Weiying 1994). Why? Are difficult to monitor, there are people who know their private information how to dry, while others do not know, and difficult to monitor, the best way is to make his own supervision of their own, the so-called self-monitoring is to make him their own residual claims, dry good is his dry bad thing.
Combination of the above three points, can say, in any enterprise system, is responsible for management decision-making person should have considerable residual claims and control. What companies are most important and most difficult to monitor? Of course, the operator, what decisions they make and the enterprise is a matter of life or death, and whether they have done their utmost not easily observed by others. A typical large Western stock company, a considerable portion of the operator's income is residual income, and profits of associated enterprises, and enterprises related to the stock price, and most managers have a certain number of shares.
The fourth point is that the one thing I (Zhang 1994), that is so real risk of selecting managers for asset owners to ensure that business can truly stupid people, rather than take the operator position is very important. Simply put, this theory is this.
When the entrepreneur a person can be both a worker, the choice depends on when the entrepreneurs expected income and expected income when workers compare the expected revenue when entrepreneurs rely on their own personal capacity, if and only if its capacity exceeds a certain critical point, he was to become entrepreneurs. My theory is that the critical point and the wealth of relevant, generally speaking, the more personal wealth, when the entrepreneur's ability threshold higher, therefore, the more poor people more motivated to become "entrepreneurs." If a person's ability to point C, if he had nothing, C above the critical point, he would choose to be entrepreneurs; if he was rich, C-point may be below the critical point, he would choose to be workers. If we find two people want to be entrepreneurs, a poor man, a rich, we do not know their specific capabilities, but we can infer, that ability is not bad rich people where to go, and that poorer people, may be very capable, perhaps mediocre ability, but we are not sure, so this will make the poorer people in the entrepreneurial market, a competitive disadvantage. The reason for this form is no slavery in a society, a person can only take limited responsibility, that the income of a person at least, not less than zero. Thus, as rich as entrepreneurs to "self", while the poor are many cases when the entrepreneur has their own profits, loss of someone else, so he certainly has a greater incentive to take risks bumper when entrepreneurs of luck. My theory has always been to explain why capital hires labor, why, when the priority of entrepreneurs by the owners of capital. If there is no personal property of the system, nothing of the poor wretch and nothing clever entrepreneurs who compete at the same time positions, while the ability is the most difficult to observe, we may finally get the result, the actual entrepreneurship and the ability of the average population difference can not how much. Of course, even without the personal property system, but also the viability of some operators is high, because the eyes closed, draw lots can also catch some of the capacity of good people. But this is not true in general, to ensure people have the ability to occupy the operator positions.
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