시장경쟁과 기업의 내부효율성 = Product Market Competition and Internal Efficiency of the Firm

국문 초록 (Abstract)

본 논문은 기업의 주주가 경영자에게 경영을 대리하게 하여 본인-대리인관계(principal-agent relationship)가 발생하는 상황에서 상품시장경쟁이 기업의 내부효율성에 영향을 미치는 메커니즘을 분석한다. 본 논문에서는 두 종류의 기업을 고려한다. 하나는 기존기업(incumbents)이고, 다른 하나는 신규 진입기업(entrants)이다. 각 기존기업의 주주는 경영자에게 경영을 위임하고 경영자의 노력을 관찰하지 못하여 도덕적 해이가 발생한다. 기존기업의 경영자는 두 종류의 일을 수행하는데, 하나는 비용절감을 위한 노력(생산적인 노력)이고, 다른 하나는 진입장벽을 구축하기 위한 노력(비생산적인 노력)이다. 기존기업의 수로 측정되는 경쟁도의 증가는 두 가지 효과를 유발한다. 하나는 ‘산출효과’로서 경영자의 생산적인 노력을 감소시키고, 다른 하나는 ‘노력대체효과’로서 비생산적인 노력을 감소시키고 동시에 생산적인 노력을 유도한다. 본 논문은 어떠한 조건에서 시장경쟁이 생산적인 노력에 대한 유인을 제공하는 비용을 감소시켜 기업의 내부효율성을 증진하는가를 살펴본다.

다국어 초록 (Multilingual Abstract)

This paper analyzes a mechanism through which product market competition affects allocation of the managerial efforts. There are two types of firms, incumbents and entrants. Each incumbent firm delegates its control to a manager and cannot observe the manager's total effort. The managers of incumbent firms allocate their effort to two different activities: cost reduction (productive effort) and rent protection (unproductive effort). An increase in competition, measured by the number of incumbent firms, has two effects: an "output effect" which decreases the managerial incentive for productive effort, and an "effort substitution effect" that makes managers exert more productive effort and less unproductive effort. This paper identifies the conditions under which product market competition lowers the cost of providing incentives for productive effort and hence, to the conclusion that increased competition leads to increased efficiency.

참고문헌 (Reference)

1 "한국의 진입규제ꡕ 한국경제연구원 규제연구센터 규제연구시리즈 11" 1994.

2 "진입규제의 이론과 실제" 40 : 2002.

3 "지대추구행위와 한국경제｣ 시장경제와 한국의 자본주의 소화ꡕ" 474517-, 1994

4 "사업자단체와 경쟁정책" 한국개발연구원 1999.

5 "공공선택론적 입장에서 본 이익집단의 입법결정과정에의 투입에 관한 연구" 2004.

6 Willig, "” in Razain and E. Sadka Economic Policy in Theory and Practice" Macmillan 1987.

7 "” The RAND Journal of Economics" 17 : 4858-, 1986

8 David, "” Rand Journal of Economics 19" 147155-, 1988

9 "” Journal of Political Economy 90" 9881002-, 1982

10 "” Journal of Political Economy" 98 (98): 893921-, 1990

11 "“Theory of Firm ” Journal of Financial Economics 3" 305360-, 1976

12 "“The Market Mechanism as an Incentive Scheme ” Bell Journal of Economics 14" 366382-, 1983

13 Ying, "“The Inefficiency of Regulating a Competitive Industry Productivity Gains in Trucking Following Reform ” Review of Economics and Statistics 72" 1990pp.191～201.

14 Ying, "“The Inefficiency of Regulating a Competitive Industry Productivity Gains in Trucking Following Reform ” Review of Economics and Statistics 72" 1990pp.191～201.

15 "“The Efficiency of Firms: What Difference Does Competition Make" 107 : 597-617, 1997

16 "“The Effect of Competition on Executive Behavior ” Rand Journal of Economics 23" 350365-, 1992

17 Stigler, "“The Economic Theory of Regulation ” Bell Journal of Economics 2" 321-, 1971

18 "“Moral Hazard in Teams ” Rand Journal of Economics 13" 324340-, 1982

19 Eric, "“Extending the Economic Theory of Regulation The Form of Policy" 167191-, 1991

20 "“Endogenous Firm Efficiency in Cournot Principal-Agent Model ” Journal of Economic Theory 59" 445450-, 1993

21 "“Comment on the H Concentration as a Numbers-Equivalent ” Review of Economics and Statistics 51" 99101-, 1969

22 "“Annual Survey of Economic Theory The Theory of Monopoly" ” eco (” eco): 120-, 1935

23 "X-Inefficiency, Competition and Market Information" 45 (45): 359-375, 1997

24 Nickell, Stephen J, "What Makes Firms Perform Well?”" 41 (41): 783-796, 1997

25 "The Regulation of Entry" Quarterly Journal of Economics 2002.

26 "The Efficiency Cost of Market Power in the Banking Industry: A Test of the “Queit Life” and Related Hypohteses,”" 80 (80): 454-465, 1998

27 "Special Interest Politics" The MIT Press 2001.

28 "Regulation of Entry and the Distortion of Industrial Organization" 10929 : 2004.

29 "Public Members on Medical Licensing Boards and the Choice of Entry Barriers" 1-16, 2002

30 "Market Discipline and Corporate Efficiency: Evidence from Bulgaria" 33 (33): 190-212, 2000

31 Schmidt, Klaus M, "Managerial Incentives and Product Market Competition" 64 (64): 191-213, 1997

32 "Managerial Effort Incentive, X-inefficiency and International Trade" 39 : 117-138, 1995

33 "Long run contracts and Internal inefficiencies in Firms" 213233-, 1994

34 Smith, "Inquiry into the Nature and Causes of the Wealth of Nations IL. 1967. Originally published in 1776." Henry Regnery Company

35 "Entry into Regulated Monopoly Markets: The Development of a Competitive Fringe in the Local Telephone Industry" 65 : 289-316, 2002

36 W. K, "Economics of Regulation and Antitrust" Lexington 1992.

37 "Do Managers Work Harder in Competitive Industries?”" 34 (34): 489-498, 1998

38 "Competition, Innovation and Productivity Growth: A Review of Theory and Evidence" 317 : 2002.

39 "Competition, Financial Discipline and Growth" 66 : 825-852, 1999

40 Nickell, Stephen J, "Competition and Corporate Performance" 104 (104): 724-746, 1996

41 Stennek, "Competition Increases X-Efficiency: A Limited Liability Mechanism" 44 : 1727-1744, 2000

42 Vickers, John, "Competition Economics" Royal Economic Society Annual Public Lecture 2003.

43 "Appropriation and Efficiency: A Revision of the First Theorem of Welfare Economics" 85 (85): 808-827, 1995

44 "A Note on Endogenous Firm Efficiency in Cournot Principal-Agent Model" 71 : 303-310, 1996