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国有企业内部人控制问题的出现,是政府与国有企业经营者,就国有企业剩余控制权和剩余索取权的分配讨价还价谈判的结果。谈判参与人在讨价还价中所处地位的优劣,是由其各自反映参与人耐心程度的贴现因子大小所决定。在政府与国有企业经营者的谈判中,因为政府的贴现因子小,而经营者的贴现因子大,所以政府没有足够的耐心与经营者进行讨价还价,只能在剩余控制权和剩余索取权分配上作出让步。
The emergence of the problem of controlling insiders in state-owned enterprises is the result of bargaining negotiations between the government and state-owned enterprise operators over the distribution of the residual controlling power and the residual claim of state-owned enterprises. The strengths and weaknesses of negotiating participants in bargaining are determined by the size of the discount factor that reflects the patient’s patience. In the negotiations between government and SOE managers, because the government has a small discount factor and the operator has a large discount factor, the government does not have enough patience to negotiate with the operators. Only the remaining control rights and the residual claims can be distributed make compromise.