Financial Innovation, Securitization, and Corporate Governance

本研究开发了一个框架，用于分析在大型投资者监督公司管理的情况下的安全设计问题。由于大型投资者只享有其监测活动带来的部分利益，但却承担了所有相关成本，因此需要对其进行结构设计。如果在设计和发布安全性之前，她无法进行任何先前级别的监控，则激励自己进行有效级别的监控的安全设计问题。事实上，设计和发行证券以达到有效的监控水平是昂贵的，因为它对大投资者的事前支付有直接影响，而且通过证券价格的变化对其事前支付有间接影响。假设大投资者考虑到发行证券数量对其销售收入的影响，本研究表明，在存在监控问题的情况下，最优证券是类债务证券，如具有正违约概率的标准债券，或具有看涨期权的债券。此外，本文还考察了公司治理结构和雇佣合同的不同组合在不同环境参数值下持续稳定的风格化模型。在金融制度和劳动制度存在互补关系的情况下，两种均衡并存：一种是市场化的金融和劳动制度相结合，另一种是主银行和长期就业制度相结合。为了讨论在不同的环境参数值下哪种平衡更合理，本研究利用了平衡选择的进化方法。

This study develops a framework for analyzing a problem of security design in the presence of monitoring done by a large investor to discipline the management of a firm. Since the large investor enjoys only a part of the benefits brought about by her monitoring activities but incurs all the associated costs, she needs to structure the. problem of security design to motivate herself to make an efficient level of monitoring if she cannot be committed to any prior levels of monitoring before she designs and issues the security. In fact, it is costly to design and issue the security to attain an efficient level of monitoring because of both the direct effect on the ex ante payoff of the large investor and the indirect effect on her ex ante payoff through a change in the security price. By assuming that the large investor takes account of the effect on her sales revenues of the amount of security issued, this research shows that the optimal security is a debt-like security such as standard debt with a positive probability of default, or debt with call, options in the presence of the monitoring problem. Furthermore, this study also examines a stylized model in which different combinations of corporate governance structures and employment contracts continue to be stable for different parameter values of the environment, In the presence of complementarity relations between financial and labor systems, this research shows that two equilibria coexist : one is a combination of market-oriented financial and labor systems, whereas the other is a combination of the main bank and long-term employment systems. To discuss which equilibrium is more plausible for different parameter values of the environment, this study exploits the evolutionary approach to equilibrium selection.