Transcription of 경영자의 도덕적 해이(Moral Hazard)문제에 관한 논의
1 78 ( moral Hazard) - Holmstrom - | CGS | 1) . , . - (principle-agency relationship) (agency problem) . , ( ) , . , . 1) . II79 (imperpect information)2).
2 ( moral hazard) .. , . (monitoring) , . , . holmstrom .II. ( moral Hazard) moral hazard Holmstrom3) ..2) (hidden characteristic) (adverse seletion) (hidden action) ( moral hazard) (asymmetric information) . 3) moral hazard and obsevability, 1979, The Bell Journal of Economics, Vol. 10, No. 1, pp. 74-9180 1. (principle) (agent) , ( , ) (trade-off).
3 ( , ) . , (penalty) . ( , ) .. 81 2. (deductible clause) . , .. ( , ) . , ..( ) ..3.
4 82 ..4. ( ) .. ( ) .. , ..83 III. ( moral Hazard) ..1. (monitoring policy) (monitoring) (asymmetry information) .. , . , 4).
5 5) 4) . 2009 84 .. , (internal control) . 6) , , , . , . , .2. (incentive contract) . , , .5) 2010. 12 10 6).
6 85 Holmstorm .. (cash-based bonus) . , . EVA , EVITDA .. (stock-based bonus) .. (stock option) . 1990 .. , .86 IV.. (uncertainty) ..87 < >Holmstrom. B, 1979, moral Hazard and Observability , The Bell Journal of Economics, Vol. 10, No. 1, pp. 74-91 .. , 2003, , 40 1 , 2010, , pp. 224-227
