Question

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Qualifications and Extensions of the Analysis
1, Multiperiod aspects of the agency problem
We have assumed throughout our analysis that we are dealing only with a single investment–financing decision by the entrepreneur and have ignored the issues associated with the incentives affecting future financing–investment decisions which might arise after the initial set of contracts are consummated between the entrepreneur–manager, outside stockholders and bondholders. These are important issues which are left for future analysis.64 Their solution will undoubtedly introduce some changes in the conclusions of the single decision analysis. It seems clear, for instance, that the expectation of future sales of outside equity and debt will change the costs and benefits facing the manager in making decisions which benefit himself at the (short–run) expense of the current bondholders and stockholders. If he develops a reputation for such dealings, he can expect this to unfavorably influence the terms at which he can obtain future capital from outside sources. This will tend to increase the benefits associated with “sainthood” and will tend to reduce the size of the agency costs. Given the finite life of any individual, however, such an effect cannot reduce these costs to zero, because at some point these future costs will begin to weigh more heavily on his successors and therefore the relative benefits to him of acting in his own best interests will rise.65 Furthermore, it will generally be impossible for him to fully guarantee the outside interests that his successor will continue to follow his policies.

Answer 1

资格和延长分析

1 ，多期方面的代理问题

我们必须承担我们的整个分析，我们只讨论单一投资融资决策的企业家和忽视的问题与激励影响未来的融资，投资决策可能产生的初步建立后的合同是企业家之间的合并经理人，股东和债主之外。这些都是重要的问题，这些问题留待将来analysis.64及其解决方案无疑将介绍一些变化所得出的结论单一决策分析。似乎很清楚，例如，预期未来销售的境外股权和债务将改变的成本和效益的经理所面临的决策有利于自己的（短期）牺牲目前的债券持有人和股东。如果他开发的声誉此类交易，他可以预期，这不利影响的条款，他可以在未来获得资本从外部来源。这将有助于增加所带来的利益与“圣人”和将趋于缩小的代理成本。鉴于有限的生命的任何个人，但是，这种影响不能减少这些费用为零，因为在未来的某个时候这些费用将开始其重要性就比较高，他的继任者，因此，相对福利给他的代理，他自己的最佳利益将rise.65此外，它一般将他不可能充分保障外来的利益，他的继任者将继续奉行他的政策。