ֻඹࢽ߶࠹აҍༀ໙ีݓ࠽ษ߶ii߶࠹࢝ტڿ۪აؿᅚ 2004୍10ᄅ22ರ-24ರ ིࠛॉނᆷѓ֥࿊ᄴ ྐ༏ྟჰބॖ॥ྟჰ֥၂ ჯܻ čౢն࿐ࣜ࠶ܵ࿐ჽđКࣘ Ď }ᅋေ~Ч໓ҐႨກսଆđ࣮ᄝིࠛॉނᆷѓ࿊౼ݖӱᇏྐ༏ྟჰބॖ॥ྟჰ֥љބ৳༢bᇶေࢲં൞ğྐ༏ྟჰᄏݣॖ॥ྟჰĠॖ॥ྟჰᄝหק֥౦ྙ༯ൡႨđऎุطđᄝીႵ҂ಒקྟ֥౦ྙ༯ॖ॥ྟჰ൞ൡႨ֥bЧ໓֥ࢲંؓൌༀᇏ࿊ᄴིࠛॉނᆷѓิ܂ਔ၂ק֥ᆷ֝ቔႨđᄝຓ҆ߌ҂ಒקྟၹࢠཬൈđҐႨॖ॥ྟჰ൞ൡ֥֒࿊ᄴb }ܱՍ~ྐ༏ྟჰĠॖ॥ྟჰĠིࠛॉނᆷѓĠກսં ၂aႄ ིࠛॉނᆷѓ֥࿊౼൞ིࠛॉނ༢֥ቋࠎЧބቋᇗေ֥ߌࢫđؓՎં࣮ބൌༀิ܂ਔ҂֥ᆷ֝ჰᄵbં࣮֥ቋඃᆩ֥ᆷ֝ჰᄵ൞ྐ༏ྟჰč)PMNTUSPNđ đ#BOLFS BOE %BUBSđ đ'FMUIBN BOE 9JFđ Ďđࠧᆺေ၂۱ြࠛᆷѓิ܂ਔໃФགྷႵ֥ᆷѓ༢෮Їݣ֥ྐ༏ਈđପહđࡆೆՎြࠛᆷѓࣼ൞Ⴕࡎᆴ֥čॖၛࡨഒႮႿྐ༏҂ؓӫᄯӮི֥ੱാĎbൌༀࢸӈႨ֥ᆷ֝ჰᄵ൞ॖ॥ྟჰčDPOUSPMMBCJMJUZĎđࠧ࿊ᄴြࠛᆷѓႋھၛିФॉނ҆ିܔ॥ᇅູభิbಖطđᆃਆ۱ᆷ֝ჰᄵթᄝሢԊđթᄝᆀႵུြࠛᆷѓ҂ॖ॥Ⴕྐ༏ݣਈđପહđ൞ڎႋھ࿊౼ᆃဢ֥ြࠛᆷѓĤࠞ؊֥২ሰႵཌྷؓြࠛࡎٚمđᄝᆃᇕ౦ྙđြࠛᆷѓ൞ປಆ҂ॖ॥֥đ൞ᆷѓЧദЇݣႵࣜ࠶ߌ֥֩ྐ༏đ෮ၛᄝఒြᇏ္ФܼٗҐႨb Ч໓ҐႨກսଆđ൫ฐษᆃਆ۱ჰğྐ༏ྟჰބॖ॥ྟჰᆭࡗ֥љބ৳༢bѩ߭ճ༯උ໙ีđྐ༏ྟჰЇݣॖ॥ྟჰߎ൞ॖ॥ྟჰЇݣྐ༏ྟჰĤᄝ၂Ϯ౦ྙ༯đ൞ႋھҐႨྐ༏ྟჰߎ൞ॖ॥ྟჰĤࣉ၂҄đೂݔॖ॥ྟჰࠇ൞ྐ༏ྟჰᄝ၂Ϯ౦ྙ༯҂ൡႨđପહᄝહ่ࡱ༯ھჰ൞ൡႨ֥Ĥ Ч໓֥ᇶေࢲંೂ༯bֻ၂đྐ༏ྟჰЇݣॖ॥ྟჰđࠧॖ॥֥ᆷѓсಖ൞Ⴕྐ༏֥đّᆭ҂၂קӮ৫đࠧႵྐ༏֥ᆷѓ҂၂ק൞ॖ॥֥Ġֻؽđᄝ၂Ϯ౦ྙ༯ൡႨ֥൞ྐ༏ྟჰđॖ॥ྟჰᆺ൞ᄝห൹౦ྙ༯ൡႨĠֻđॖ॥ྟჰൡႨ่֥ࡱ൞҂թᄝ҂ಒקྟၹđࠧᄝಒקྟߌ༯൞ൡႨ֥b Ч໓֥ࢲંؓఒြᄝ࿊ᄴြࠛᆷѓႵ၂ק֥ᆷ֝ၩၬbऎุطđ֒ఒြ૫ਢ؟э֥ຓ҆ߌൈđᄝ࿊ᄴြࠛᆷѓൈႋၛྐ༏ྟჰູᇶđ఼טြࠛᆷѓิ܂ຓ҆ߌ֥ྐ༏đೂ൧ӆܢࡎbՎൈđཌྷؓြࠛᆷѓ൞бࢠކൡ֥࿊ᄴbّݖটđᄝఒြ෮૫ਢ֥ຓ҆ߌཌྷؓ໗קൈđॖ॥ྟჰбࢠൡႨđၹՎđႋھࢠ؟֥࿊Ⴈଽ҆ြࠛᆷѓđбೂҍༀᆷѓbࣼ҂֥ᅞࢨ؍طđҐႨӮЧᅝႪᅞ֥ఒြ۷؟֥ҐႨҍༀᆷѓđطҐႨҵၳྟᅞ֥ఒြႋ۷؟֥ҐႨຓ҆ᆷѓbᆃၛᆷ֝ჰᄵ൞ބఒြൌཌྷ໖ކ֥đ*UUOFS FU BMč Ď֥ൌᆣࢲݔھ໓֥ࢲં൞၂ᇁ֥b ᄝ༯၂ࢫđ߭ܤྐ༏ྟჰބॖ॥ྟჰٚ૫֥ཌྷܱ໓ངbᄝֻࢫđ۳ԛࠎЧଆbֻඹࢫؓଆࢳѩ۳ԛᇶေࢲંbቋުđ൞ؓЧ໓֥ሹࢲѩᆷԛھ࣮֥҂ቀᆭԩb 275
ֻඹࢽ߶࠹აҍༀ໙ีݓ࠽ษ߶ii߶࠹࢝ტڿ۪აؿᅚ 2004୍10ᄅ22ರ-24ರ ؽa໓ང߭ܤ ིࠛॉނᆷѓൡႨ֥ߌ൞đսದิ܂সༀđսದ֥୭৯ӱ؇҂Фກದ෮ܴҳč֣֡ڄག໙ีĎbၹՎđກದᆺି۴ऌଖུॖܴҳིࠛॉނᆷѓაսದదר۽ሧކჿbႮႿིࠛॉނᆷѓ҂൞սದ୭৯ӱ؇֥ປಆّ႘đေႨིࠛॉނᆷѓđᆃུᆷѓсྶႋھЇݣਔսದ୭৯ӱ؇֥҆ٳྐ༏đᆃࣼ൞ྐ༏ྟჰbطॖ॥ྟჰ൞ᆷིࠛॉނᆷѓႋھ൞ФսದथҦ෮႕ཙ֥b a ྐ༏ྟჰ ቋᄪิԛྐ༏ྟჰ֥൞)PMNTUSPNč Ďbᄝᆃກսં֥߃ൈս֥໓ངᇏđቔᆀᆷԛđᆺေଖ۱ြࠛᆷѓݣႵໃФఃြࠛᆷѓ෮Їݣ֥ྐ༏đପહđھြࠛᆷѓࣼ൞Ⴕࡎᆴ֥đࠧЇݣՎြࠛᆷѓؓກದބսದႵஂূກڿࣉbѩ۳Ԣਔྐ༏ྟ֥ሙಒקၬb#BOLFS BOE %BUBSč Ďࣉ၂҄ฐษਔᄝֆ۱ྛ֥౦ྙđྐ༏ྟႵਆ҆ٳ෮ܒӮđࠧࣚ؇čQSFDJTJPOĎބૹۋ؇čTFOTJUJWJUZĎbࣚ؇'FMUIBN 9JFč Ď࣮ਔ؟۱ྛ֥౦ྙb൮༵ᄝ؟۱ྛ֥౦ྙđԛགྷਔଢѓ၂ᇁྟčHPBM DPOHSVFODFĎ֥໙ีđଢѓ၂ᇁྟ൞ིࠛॉނᆷѓބ܄ඳଢѓ֥ٚཟ၂ᇁӱ؇֥࠹ਈbଖ၂ིࠛॉނᆷѓაଢѓປಆ၂ᇁൈਆᆀປಆ൞၂ٚཟđᆃᇕ౦ྙԢ٤ᄝႨ܄ඳࣜႏࢲݔčPVUDPNFĎቔູིࠛᆷѓҌॖିؿളbႨིࠛᆷѓᄯӮི֥ၭാॖٳࢳູਆ҆ٳğଢѓ҂၂ᇁᄯӮ֥ാބིࠛᆷѓ֥ᄮലᄯӮ֥ാbఃՑđ'FMUIBN 9JFč Ďࡼ)PMNTUSPNč Ď֥ࢲݔܼ֞ਔ؟۱ྛ֥౦ྙbࠧೂݔֻؽቆིࠛᆷѓ҂൞ֻ၂ቆིࠛᆷѓ֥ջᄮല֥ཌྟݦඔđପહֻ၂ቆིࠛᆷѓࣼ҂൞ᆜ۱ིࠛᆷѓุ༢֥ԉٳ࠹ਈđࡆೆֻؽቆིࠛᆷѓ൞Ⴕࡎᆴ֥b ؟۱ྛ֥౦ྙ༯ིࠛᆷѓ֥ಃᇗ֥࿊౼൞၂۱ིࠛᆷѓุ༢֥ޙ໙ีb%BUBS FU BM č Ď࣮֥൞؟۱ྛđ؟۱ြࠛᆷѓ֥౦ྙbՎൈđა'FMUIBN 9JFč Ďᇏקၬ֥ֆ۱ြࠛᆷѓ֥ଢѓ҂၂ᇁྟ҂đ%BUBSč Ď֥ଢѓ҂၂ᇁྟ֥קၬູሹุིࠛᆷѓაଢѓ֥҂၂ᇁbᄝՎקၬᆭ༯đಃᇗ֥࿊౼थקႿਆ۱ၹğིࠛᆷѓุ༢֥ଢѓ҂၂ᇁྟބིࠛᆷѓ֥ࣚ؇aૹۋ؇bՖطࡼ#BOLFS %BUBSč Ď֥ࢲݔܼᇀ؟۱ྛ֥౦ྙbՎൈಃᇗ֥࿊౼൞ᄝଢѓ҂၂ᇁྟބࣚ؇aૹۋ؇ᆭࡗಃޙࠇޙb aॖ॥ྟჰ ᄝॖ॥ྟჰᇏđ၂۱ܱ֥ۀࣼ൞॥ᇅbಖطđ၌ݭ֥൞đીႵ࣮۳ᆃ၂ۀ༯ਔ၂۱ሙಒ֥ඔ࿐ၩၬഈ֥קၬbᄝ"OUMF %FNTLJč ĎᇏđೂݔϜြࠛᆷѓुቔ൞၂۱ෛࠏэਈđପહࡼ॥ᇅקၬູॖၛڿэھෛࠏэਈ֥ٳ҃ݦඔb"OUMF %FNTLJč ĎҐႨກսଆđႨਔࠫ۱২ሰඪૼਔᄝᆃᇕקၬ༯ॖ॥ྟჰ֥҂ൡႨb aଆ ࡌקႵ၂۱ກದބਆ۱սದčሹࣜ༯ഡਆ۱҆ࣜğཧ൲ࣜބളӁ҆ࣜĎbսದ൞ڄགညذ֥đູਔࡥ߄đഡսದི֥Ⴈݦඔູğ −rwiU(w)=−ei=1,2b iൔᇏđXսіսದ֥ҍڶč۽ሧĎđSູڄགညذ༢ඔb սದ္൞୭৯ညذ֥đڱԛ୭৯֥ӮЧݦඔࡌഡູ r1r2C(a)=||a||b i2276
ֻඹࢽ߶࠹აҍༀ໙ีݓ࠽ษ߶ii߶࠹࢝ტڿ۪აؿᅚ 2004୍10ᄅ22ರ-24ರ rഈൔđaսіսದ֥୭৯ཟਈb ກದ൞ڄགᇏྟ֥b rກದمܴҳ֞ս֥୭৯ӱ؇ađၹՎᆺିܔ၇ऌॖၛܴҳ֥ြࠛᆷѓაսದదר۽ሧކჿbഡႵೂ༯۱ြࠛᆷѓğ y=µa+µa+ε 1111112121y=µa+µa+ε 2232124222y=µa+µa+µa+µa+ε 331113212332134223ađaսіֻJ۱սದ֥ਆ۱୭৯ٳਈđၛഈ۱ᆷѓٳљ൞սದ ॖ॥đսದ ॖ॥đi1i2σσσ⎡⎤111213⎢⎥սದ đ ࢥॖ॥bεູսದ҂ॖ॥ᇅ֥ၹđࡌഡε~N(0,Σ)Σ=σσσb ii122223⎢⎥⎢σσσ⎥⎣132333⎦ၛഈࣇॉ੮ਔսದॖၛڿэြࠛᆷѓ֥नᆴ֥౦ྙb ࠺ µµ00y⎡⎤⎡⎤r11121aaar⎡⎤r⎡⎤r⎡⎤r⎢⎥11211⎢⎥M=00µµđa=đa=đa=đy=y r2324122⎢⎥⎢⎥⎢⎥⎢⎥⎢⎥aaa⎣12⎦⎣22⎦⎣2⎦⎢⎥⎢⎥µµµµy⎣31323334⎦⎣3⎦rrᄵഈൔູğy=Mab ۽ሧކჿູ w=β+βy+βy+βyi=1,2đ ii0i11i22i33β⎡⎤i1rrrrr⎢⎥TTβ=βđw=β+βy=β+βMa ii2ii0ii0i⎢⎥⎢⎥β⎣i3⎦ӁԛႵ༯ඍܱ༢ rrTx=ba+ba+ba+ba+ε=ba+ε 111212321422ൈॖ૭ඍೂ༯ğ 277
ֻඹࢽ߶࠹აҍༀ໙ีݓ࠽ษ߶ii߶࠹࢝ტڿ۪აؿᅚ 2004୍10ᄅ22ರ-24ರ ۽ሧކჿXčZĎ B Ȭ YđZ ກದ෮૫ਢ֥໙ีđೂޅ࿊ᄴކൡ֥ಃᇗđ֤սದିܔڱԛཌྷႋ֥୭৯đൌགྷഺჅӁԛ֥ቋն߄b ႮႿսದ֥ყ௹ིႨ֥ಒקྟ֩ࡎູğ& X Z
S7BS X Z
$ B
đກದ֥໙ีೂ༯ğ rrrrrrTTTmaxx−w−w=ba−βMa−βMa 1212a,β,a∈argmaxE[U(w)−C(a,a)]=βMa−rβΣβ−aa 111211111211111122rrrr11rrTTTa,a∈argmaxE[U(w)−C(a,a)]=βMa−rβΣβ−aa 212222212222222222rrrr11rrTTTβMa−rβΣβ−aa≥U 111111122rrrr11rrTTT βMa−rβΣβ−aa≥U 222222222ഈൔᇏ6
6 ٳљູսದ
֥ЌིႨ֥ಒקྟ֩ࡎb ඹaࢲݔ µµ00⎡⎤⎡⎤1112⎢⎥⎢⎥࠺M=đM=b 00µµ122324⎢⎥⎢⎥µµµµ⎣3132⎦⎣3334⎦Ֆطഈ૫֥Ⴊ߄໙ี֥ࢳູğ rrrrT−1T−1β=[MM+rΣ]Mbđβ=[MM+rΣ]Mbb 111111222222rrrrTTa=Mβđa=Mβb 111222ՖطႵ༯૫֥קb 22−rbrbr(µb−µb)r(µb−µb)121111121211312321µµσσ11121113ק ğβაӮб২đčऎุ֥ᆣૼ1200σσ1223µµσσ31321333ڸ"ĎbၹՎđ၂Ϯطđβ≠0bࠧđ၂Ϯطđॖ॥ྟჰ҂Ӯ৫bؓβ္Ⴕোර֥ࢲંb 1221278
ֻඹࢽ߶࠹აҍༀ໙ีݓ࠽ษ߶ii߶࠹࢝ტڿ۪აؿᅚ 2004୍10ᄅ22ರ-24ರ Ⴎၛഈ֥࠹ෘ܄ൔཁಖॖᆩđ֒ཟਈ(0,0,σ,σ)ॖၛіղູཟਈ(µ,µ,σ,σ)ބ122311121113(µ,µ,σ,σ)֥ཌྟቆކൈđсಖႵβ=0bطᆃᆞݺࣼ൞'FMUIBN BOE 9JFč Ď၂3132313312໓ᇏิ֥֞ྐ༏ྟ่ࡱč-FNNB đQ ĎbՖطႵ༯૫֥קb ק ğ֒y҂ݣбy,y؟Ⴥ֥ྐ༏ൈđβ=0bࠧॖ॥ྟჰӮ৫ൈđྐ༏ྟჰсಖ21312Ӯ৫Ӯ৫bّᆭ҂၂קӮ৫bؓβ္Ⴕোර֥ࢲંğࠧ֒y҂ݣбy,y؟Ⴥ֥ྐ༏ൈđβ=0b 2131221ק ඪૼđྐ༏ྟჰЇݣਔॖ॥ྟჰbၹՎᄝ࿊ᄴིࠛॉނ֥ြࠛᆷѓൈđႋھ࿖֥൞ྐ༏ྟჰbط༯૫֥קඪૼđᆺႵᄝหק֥౦ঃ༯đॖ॥ྟჰҌӮ৫đᆃ၂หק֥౦ྙࣼ൞҂թᄝ҂ಒקၹb ק ğᄝಒקྟ౦ྙđβ=0bࠧᄝಒקྟ่ࡱ༯đॖ॥ྟჰӮ৫b 12rrT−1ᄝಒקྟ֥౦ྙđࠧႵΣ=0đቋႪ߄໙ี֥ࢳ߄ູβ=[MM]Mbđॖࢳ֤β=0b 1111112aࢲე Ч໓ҐႨກսଆđᄝ-&/ॿࡏ༯֝ԛೂ༯ࢲંğྐ༏ྟჰЇݣॖ॥ྟჰĠॖ॥ྟჰᄝ҂թᄝ҂ಒקྟၹൈ൞ൡႨ֥bࡼॖ॥ྟჰྐ༏ྟჰ৳༢ᄝ၂ఏ࣮ൈЧ໓֥၂նԷྍđູြࠛᆷѓ֥ં࣮ิ܂ਔ၂۱ྍ֥ࣥb Ч໓֥ࢲંؓൌༀࢸႵ၂ק֥ᆷ֝ၩၬb֒ఒြ૫ਢ؟э֥ຓ҆ߌൈđᄝ࿊ᄴြࠛᆷѓൈႋ఼טြࠛᆷѓิ܂ຓ҆ߌ֥ྐ༏b֒ఒြ෮૫ਢ֥ຓ҆ߌཌྷؓ໗קൈđႋھࢠ؟֥࿊Ⴈଽ҆ြࠛᆷѓb ႮႿҐႨກսଆđЧ໓֥࣮҂ॖх૧ֹऎႵ၂ק֥अཋྟb൮༵đກսଆ༯֥۲ᇕࡌഡ൞ڎކĤ൞ڎژކൌ࠽౦ྙĤೂཌྟࡌഡෙಖູ໙ี֥ࢳิ܂ਔٚьđ൞ࢆ֮ਔࢲં֥၂ϮྟbఃՑđЧ໓෮࣮֥ॖ॥ྟᆺ൞ܵᆀ֥थҦڿэਔြࠛᆷѓ֥नᆴđໃॉ੮ڿэြࠛᆷѓ֥ٚҵ֥౦ྙbᆃུ൞ު࿃࣮ᆴ֤ܱᇿ֥ज़ีb ڸ" čβ֥࠹ෘĎ 12໙ี֥ࢳູ rrrrrT−1Tβ=[MM+rΣ]MbbၹՎđβ൞ٚӱ[MM+rΣ]β=Mb֥ࢳbՖطđ 111111111111122µ+µ+rσµb+µbµµ+µµ+rσ111211111112211311232113β=rσ0rσ/∆ 1211212322µµ+µµ+rσµb+µbµ+µ+rσ113112321133113223132133 279
ֻඹࢽ߶࠹აҍༀ໙ีݓ࠽ษ߶ii߶࠹࢝ტڿ۪აؿᅚ 2004୍10ᄅ22ರ-24ರ T ఃᇏğ∆=[MM+rΣ]
11122µµbrσµµbrσrσµbµµ11122113121111131111111232ٳሰ 00rσ+00rσ+rσ00 1231231122µµµbrσµµµbrσrσµbµ1131322133123231113311331132rσµbrσrσµbµµrσµbrσ1111111131111221131111122113+rσ0rσ+rσ00+rσ0rσ 1121231121121232rσµbrσrσµbµrσµbrσ11331113311332231113322133µσσµσσµµσ12111311111311121322 (−rb)0σσ−(rb)0σσ+(rµb−rµb)00σ 1212231112231112112123µσσµσσµµσ321333311333313233µµσ111211−(rµb−rµb)00σ 1312132112µµσ31321322−rbrbr(µb−µb)r(µb−µb)121111121211312321µµσσ11121113 00σσ1223µµσσ31321333 ҕॉ໓ངğ } ~ #BOLFS
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3 $POUSBDUJOH UIFPSZ BOE BDDPVOUJOH +PVSOBM PG "DDPVOUJOH BOE &DPOPNJDT – 280
ֻඹࢽ߶࠹აҍༀ໙ีݓ࠽ษ߶ii߶࠹࢝ტڿ۪აؿᅚ 2004୍10ᄅ22ರ-24ರ The choice of performance: integrate informativeness with controllability Abstract: In this paper, I use principal/agent model to investigate the differences and links of informativeness and controllability in the choice of performance measures. The main conclusions are: informativeness implies controllability; controllability is applicable in the specific cases, that is, when the uncertainty does not exist. The results provide guidance to the choice of performance measures in practice. Keywords: Informativeness, Controllability, Performance Measures, Principal/agent Theory 281
