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美国留学生经济学作业需求-产品,信息价值与经济组织研究-Production, Information Costs, a(20)

时间:2011-07-07 11:05来源:www.ukthesis.org 作者:英国论文网 点击联系客服: 客服:Damien

claims xirithout voting rights, though they could he converted
into voting shares.
In sum, is it the case that the stockholder-investor
relationship is one emanating from the divisioiz of
owrzerslrip among several people, or is it that the collection
of investment funds from people of varying anticipations
is the underlying factor? If the latter, why
should any of them he thought of as the owners in
\vhom voting rights, whatever they may signify or however
exercisable, should reside in order to enhance efficiency?
IVhy voting rights in any of the outside, participating
investors?
Our initial perception of this possibly significant difference
in interpretation was precipitated by Henry
XIanne. -1reading of his paper makes it clear that it is
hard to understand why an investor who wishes to back
and "share" in the consequences of some new l~usiness
should necessarily have to acquire voting power (i.e.,
power to change the manager-operator) in order to
invest in the venture. In fact, we invest in some ventures
in the hope t h a t no other stockholders ~i-ilbl e so
"foolish" as to try to toss out the incumbent management.
\Ye want him to have the power to stay in office,
and for the prospect of sharing in his fortunes we buy
nonvoting common stock. Our willingness to invest is
enhanced 11). the knowledge that we can act leqally via
fraud, emt,ez~lement and other laws to help assure that
we outside investors will not be "milked" beyond our
initial discounted anticipations.
790 THE AMERICAN ECONOMIC REVIEIT
capitalized into present wealth of stockholders.
(As if to make more difficult that
competition by new would-be monitors,
mutiple shares of ownership in those enterprises
cannot be bought by one person.)
One should, therefore, find greater shirking
in nonprofit, mutually owned enterprises.
(This suggests that nonprofit enterprises
are especially appropriate in
realms of endeavor where more shirking is
desired and where redirected uses of the
enterprise in response to market-revealed
values is less desired.)
Team production in artistic or professional
intellectual skills will more likely
be by partnerships than other types of
team production. This amounts to marketorganized
team activity and to a nonemployer
status. Self-monitoring partnerships,
therefore, will be used rather than
employer-employee contracts, and these
organizations will he small to prevent an
excessive dilution of efforts through shirking.
Also, partnerships are more likely to
occur among relatives or long-standing
ac~~uaintances,not necessarily because
they share a common utility function, but
also because each knows better the other's(责任编辑:BUG)


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