企业财务管理基础知识

To all parties (public)
Agent’s proprietary knowledge
Historical information
Information set under decentralization
Voluntary disclosure – relevation principle
Eliminating “information asymmetry” – so that ex ante (before-the-act) private information can be known ex post (after-the-act).
•Dr. Chak-Tong Chau
•Fulbright Guest Lecture Materials
Improving production decisions – telling us to do the right things.
Optimizing the scope for risk sharing – so that some people can not make profits by harming other people.
•Consider the following payoff structure (known to all):
Effort S1
S2
S3
S4
S5
S6
Expected Payoff
e1=10 2
3
3
4
5
5
3.67
e2= 5 2
2
3
4
4
5
3.33
•Dr. Chak-Tong Chau
•Fulbright Guest Lecture Materials
detecting the current state of the world, or
forecasting the future state of the world
•Dr. Chak-Tong Chau
•Fulbright Guest Lecture Materials
Good Information Should be Useful in:
•Now, we have another information system that will generate these signals:
•Y1
•{S1}
•Y2
•{S2, S3}
•Y3
•{S4, S5, S6}
•This new information system partitions the matrix as follows
Not interesting
Financial reporting
•Dr. Chak-Tong Chau
•Fulbright Guest Lecture Materials
Usefulness of Information
•How do we know, a priori, that information is “useful”?
Signal: Y1
Y2
Y3
S1
S2
S3
S4
S5
S6
e1=10 2
3
3
4
5
5
e2= 5 2
2
3
4
4
5
•Question: Are the signals, Y1,,Y2 and Y3 useful?
•Dr. Chak-Tong Chau
•Fulbright Guest Lecture Materials
Signal:
Y1
Y2
S1
S2
S3
S4
S5
S6
e1=10 2
3
3
4
5
5
e2= 5 2
2
3
4
4
5
•Question: Are the signals, Y1 and Y2, useful?
•Dr. Chak-Tong Chau
•Fulbright Guest Lecture Materials
Usefulness of Information
•Time line of a typical agency contract
•Contract agreed
•Effort selected
•Payoff revealed
•Precontract information
•Pre-effort selection information
•Post-effort information
Usefulness of Information
•Now, we have an information system that will generate
these signals: •Y1
•{S1, S2, S3}
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•Y2
•{S4, S5, S6}
•In a sense, the information system partitions the matrix as follows
企业财务管理基础知识
2020/3/21
What Is Information?
Broadly defined, information is any device that helps to reduce uncertainty. Alternatively, information should be helpful in:
Can Private Information to Agent Benefit the Principal?
•Consider the following payoff structure (known to all):
S1
Prob.
0.25
S2 0.25
S3 0.25
S4 0.25
Expected Payoff to Principal before Payment to Agent
e1=0 e2= 5 e2= 6
0 20,000 20,000
0 20,000 30,000
0 25,000 30,000
0 30,000 35,000
0 23,750 28,750
•Post-payoff information
Timing
Pre-contract
Post-contract, pre-effort Post-effort, pre-payoff Post payoff (ex post)
Information Availability
To agent only (private)