委托代理理论在企业集团税后利润优化中的应用

研究了一个既有内部关联交易又有外部交易的企业集团 ,如何通过转移价格、运输费用分配率等因素的确定 ,减少信息不对称子公司的道德风险 ,实现企业集团整体税后利润最大化的问题。根据委托代理理论 ,从最大化企业集团期望税后利润的角度出发 ,考虑了信息对称子公司和信息不对称子公司的个体理性约束 ,及信息不对称子公司的激励相容约束 ,以转移价格和运输费用分配率为决策变量 ,建立了企业集团税后利润优化模型 ,并应用进化规划算法对模型作了仿真计算。结果表明 ,企业集团可以通过转移价格、运输费用分配率等变量的适当选择来优化自己的税后利润。

Application of Principal-Agent Theory to Optimizing Group''s Profit-After-Tax

The problem of decreasing the moral hazard of subsidiary company with asymmetric information and optimizing the group's profit after tax, through determining the transfer price and transportation cost allocation rate, when there are both affiliated trade and external trade in group, is discussed. According to principal agent theory, in order to maximize the group's profit after tax, considering the individual rationality constraints of subsidiary companies with symmetric information and asymmetric information, and the incentive compatibility constraint of subsidiary company with asymmetric information, and the transfer price and transportation cost allocation rate regarded as decision variables, the model of optimizing group's profit after tax is established, and the evolutionary programming algorithm is used to simulate. The results show that group can optimize its profit after tax through the determining of transfer price and transportation cost allocation rate.