華爾街醜聞與資訊不對稱理論

 

摘要:
自去年年底以來,美國華爾街爆發了一系列大公司財務醜聞,其中影響最大的是安然和世界通信大公司的破產案。這些醜聞的共同持點是,通過製造虛假利潤和掩蓋債務以欺騙投資者、債權人和市場,以達到大公司經理們謀求個人私利的目的。這些醜聞在美國乃至整個界引起了震動。

現代企業制度的誠信問題,上市公司的監管的可靠度問題,乃至整個資本主義信用體系的基礎的牢固性問題,等,都被這次醜聞事件引發了出來並被加以討論。

經濟學怎麼理解這次醜聞事件呢?經濟學家是天生的樂觀派,而上帝永遠是偏受樂觀派的 - 他故意把這次財務醜聞事件發生的時間和因信息不對稱理論而頌發諾貝爾經濟學奬的時間安排在一起。而信息不對稱理論恰恰是理解此次大公司財務醜聞的鑰匙。

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信息不對稱是指交易雙方對交易對象的信息的掌握程度不一樣的現象。由信息不對稱現象又進一步引伸出了負選擇和道德風險問題。由道德風險問題又引伸出委託一代理問題,而委託代理問題決定了監管的必要性。

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