Game Analysis on Rewards and Punishment in Corporate Governance

公司治理的核心问题就是督促经营管理者努力工作 ,以实现股东利益最大化 ,为此必须设计出合理的激励机制 ,而激励机制实质上是一种关于赏罚的制度安排。建立一个赏罚支付博弈模型 ,在经营管理者和股东的策略选择上 ,既赏又罚策略是一个纯策略纳什均衡The core issue in corporate governance is to supervise the work of managers and urge them to work harder in order to maxmize shareholders' profit.Thus,A rational incentive mechanism which actually is institution on Rewards and Punishment has to be designed.The paper builds a pay matrix on Rewards and Punishment and points out the tactics of meting out Rewards and Punishments is a typical strategy of Nash equilibrium after respectively analyzing the tactics of choice for shareholders and managers