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| Author: | Wang, Zhihua Zhang, Zhiyuan |
| Title: | Asymmetric information and companies' investment decision (original in Chinese) |
| Journal: | Economic Science (c)
1998 : 2, p.66-70 |
| Index terms: | INFORMATION INVESTMENT DECISION MAKING COMPANIES TOP MANAGEMENT |
| Language: | chn |
| Abstract: | According to the theory of modern enterprises there exists an asymmetric information problem between the managers of companies Ltd. and share holders. The income of share holders as trustors comes from the dividend of companies and capital gains arising from upward stock price. However, there often exists in consistency between the target function of individual manager as agent and that of share holders. So how to determine the pay for managers to make both functions tend to be consistent under the condition of asymmetrical information should be an important issue in the studies of companies' governance structure. |
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