Assignment First

  本篇論文代寫行情-契約理論讲了契約理論認爲企業是“與一系列契約的聯繫”。不完全契約存在的原因,一是有限理性,即人的理性和思維是有限的,未來事件和外部環境不能完全預期。其次,預測未來的是交易成本,以預測和衡量書面合同,並確保你可以執行。這些都是交易成本的存在。在這種情況下,雙方都願意錯過很多內容,或者在事件發生後故意留下等待重新協商。本篇論文代寫行情文章由加拿大第一論文 Assignment First輔導網整理,供大家參考閱讀。

  Contract Theory

  The Contract Theory is that enterprises a ‘link to a series of contracts’. Causes of incomplete contracts exist, one is bounded rationality that person’s rational and thinking are limited, future events and the external environment cannot be fully anticipated. Second, it is transaction costs that predict the future to predict and measure written contract, and to ensure that you can perform. These are the existence of transaction costs. In this case, the parties are willing to miss a lot of contents, or intentionally left waiting re-negotiation when an event occurs later.

  Coase (1937) considered under the assumption of zero transaction costs, information collection of contract,negotiations, signed and fulfilment do not take the cost of the contract. The parties that can take all the details are not taken into account written into the terms of the contract. So there will be no distribution conflict of interest after the event. However, in the real economic life, the transaction costs are ubiquitous and expensive. High transaction costs make many relevant terms of the contract shelved, because they make contractual arrangements that would certainly mess up costs outweighing benefits.

  Williamson has made further incomplete contract theory with emphasis of incompleteness of contracts made afterwards. Since the venture is incomplete, making corporate members receive fixed contract revenue is not possible, leading them to bear risk of uncertainty.

  Alchian and Demsetz (1972) find on the basis of how to arrange the internal power structure to maximize the corporate value,proposed ‘Team Production Theory’. The theoretical study of firm focus from transaction costs to explain the incentive problem of internal production team. They think as the production team refers to any product is a co-production by the enterprise members, and any member of act will affect the productivity of other members. According to the team production theory, Output of companies is the result of team work together, but the contribution of each individual member cannot accurately decompose and observation. Therefore, it is impossible to pay compensation in accordance with the actual contribution of each person. So, as long as the team members the opportunity cost of lazy less than slacker consumption marginal benefit, team members will lack motivation. In order to reduce it, there must be supervisors. In order to enhance the enthusiasm of supervisors, supervisors must have the rights to modify the terms of the contract and command other members, so that the supervisor must be owner of fixed into the team, because cost is too high for non-owner.

  Holmstrom(1982)further studied team production theory, and believed that if the supervisor remaining interest from the every member of the contribution, metric contribution will influence decision-making as a supervisor, so ownership is a very important role. Ownership should be linked with the contribution, and effectively solve the incentive problem.