The Study Of Corporation's Residual Claim Under The Condition Of Asymmetric Information

The right of residual claim is a right claiming to the balance that the gross income of the corporation deducts the total payment of the fixed contracts. The contract of residual claim is one important part of the contract of ownership. It comes down to each stake-holder and has decisive influence on the development of the corporation.This essay adopts the means: theory connecting with reality. First mastering a lot of first-hand materials, then analyzing and expounding the interrelated content basing on the science of management, decision-making, mathematics economy and game theory, finally reaching the conclusion.Because the stake-holders are under the condition of asymmetric information, i.e. the information each stake-holder mastered is not peer-to-peer i.e. often someone has more information than others. So the premise of this essay is the condition of asymmetric information. Under this condition, this essay discusses the below question.First is the problem of sharing principal part, namely, which stake-holders participate into the sharing. Second is the problem of the right of determining the residual measurement rules i.e. who shares the determining right. Third is the problem of sharing proportion, sharing forms. With regard to the first one, we think it is appropriate that stockholder and manager share the residual claim. As far as the second one, we think it is appropriate that the right of determining the residual measurement rules is arranged to the managers. As for the third one, one is sharing proportion, we improved Zhang Weiying's incentive model, thus making the verdict more close to the reality; the other is sharing form, we think ESO is the most effective form in the multitudinous distribution forms. The conclusion of this essay has significant meaning to the reformation of state-own enterprises going on.The difficulty lies in property, whereas the right of residual claim is one very important aspect. So whether the right of residual claim can be arranged pertinently relates to the successor failure of the reformation of state-own enterprises. Consequently, the conclusion of this essay has momentous practicing meaning.