Research On The Contractual Mechanism Of Multinational Corporations From The Perspective Of Principal Agent

The trend of economic development in the world today is the globalization of economic development.In this context,as a direct participant and facilitator of economic globalization,it is very important to study the contractual mechanism of multinational corporations.In order to develop a more perfect contract mechanism of multinational corporations,so as to make transnational principal-agent more effective.In this paper,using the method of literature research,research method and logical analysis method respectively in three chapters: "principal-agent perspective of multinational subsidiaries governance countermeasure research","the agency from the perspective of equity concentrated corporations participant behavior strategy" and "agency from the perspective of equity dispersive multinational companies the participant's behavior strategy" in different conditions of multinational companies within a variety of contract mechanism for the exploration and research.The following three points are the focus of this article:First,through the analysis of the principal-agent model of multinational corporations in the perspective of principal agent,the author establishes and solves the model of supervision between the principal and the agent.Through the analysis of the results of the above model and the summary,which multinational agency effective method,finally proposed on the basis of subsidiary governance countermeasures.Second,according to the behavior strategy of concentrated ownership of multinational companies of the participants,starting from the two part,the first is to establish a game model between different shareholders,governance game between large shareholders and small shareholders will be holding the pure strategy to make analysis,and obtain the equilibrium solution of the game.At the same time,by using the existing model,this paper analyzes the problem of the moral hazard of the agent of the concentrated multinational corporations.Last,according to the behavior strategy of multinational companies dispersed equity participants,a decentralized game model between owners and operators under the parent company using the analysis method of game theory,relying on the gamebehavior of the model of parent company equity dispersion between the owner and operator of transnational agent under the condition of analysis,and ultimately obtained in this case the mixed strategy Nash equilibrium between the owner and the operator.