Investment, Financing, Bankruptcy, and Optimal Profit-Sharing Decisions

雖然一般公司皆有員工分紅的政策，不 過，既有文獻大多僅討論此政策的效果，例 如股東權益如何受到侵蝕，以及員工士氣受 到何種激勵。然而，此政策如何形成，則有 待進一步釐清。 本計劃包涵兩個模型。第一個模型強調 員工分紅提升生產力的效果，第二個模型則 強調雇主及員工如何透過協商來達到分紅 的協議。 本計畫以一個連續時間的連續型投資 計劃模型來討論最適員工分紅政策。假設市 場需求為固定彈性，生產函數為包含有效勞 動力及資本兩項投入的柯伯-道格拉斯型 式，而不確定性則以遵循「幾何布朗寧」運 動的需求移動因子來表示。就第一個模型而 言，當員工努力程度越大及利潤分紅比例越 高，則有效勞動力越高。在每個時間點，公 司需同時決定是否增資，是否增債，以及選 取最恰當的分紅比例，以使公司扣除員工分 紅後的價值達到極致。隨後，若需求移動因 子下降至某個臨界水準，則公司股東基於自 身利益可宣告公司破產。就第二個模型而 言，將假設雇主及員工在增資計畫進行前， 先決定員工分紅的法則。 本計畫討論市場結構、市場特性（如需 求彈性、勞動相對產出的彈性、與需求不確 定性等）以及員工努力程度如何影響增資、 增債、破產、以及最適員工分紅比例等決 策，並將這些結果與過去文獻比較。Corporations usually employ some profit-sharing schemes. However, the extant literature typically discusses the effects of these schemes, e.g., how these schemes either expropriate the welfare of equityholders or raise the incentives of employees. The extant literature, however, abstracts from exploring the formation of these schemes. This project is composed of two models. The first model emphasizes the productivity-enhancing effect resulting from the profit-sharing plans. The second model emphasizes that the profit-sharing rate is determined through bargaining between a firm’s owner and its employees. This project employs a continuous-time continuous investment project model. Demand function is of a constant elasticity and production function is of a Cobb-Douglas type with capital and effective labor as inputs. The uncertainty is characterized by a multiplicative demand-shift factor that follows a geometric Brownian motion process. For the first model, the amount of effective labor will be higher if workers endeavor more or their share of profits is higher, both of which indicate the productivity-enhancing effect of profit sharing schemes. At each instant, both equityholders and debtholders as a whole must decide whether to expand capacity, how many new bonds to be issued, and the optimal profit sharing scheme. Thereafter, should any adverse situation occur, the firm’s equityholders will choose the timing to declare bankruptcy based on their own interest. For the second model, it is assumed that bargaining takes place immediately before the firm’s capacity expansion decision. Weitzman 的論點後來被延伸到幾個議 題上 (Estrin and Wadhwani, 1990)：(i) 員工 分紅是否可紓解工資上漲壓力或解決失業 問題？(ii)租稅誘因和員工分紅間的關聯 性；(iii)工會在員工分紅制所扮演的角色； 及(iv) 員工分紅制和生產力之間的關係。 This project investigates how market structure and market characteristics (such as demand elasticities, the output elasticity of labor and demand uncertainty) and the workers’ effort affect the capacity expansion, debt financing, bankruptcy, and profit-sharing decisions. These comparative-static results are then compared with those of the literature