二期間企業価値最大化モデル

This article analyzed about the maximization enterprise value with two period. In the microeconomics theory, the principle of enterprise behavior is profit maximization. But, the management theory has many kinds of principles of enterprise behavior. On this article, enterprise value maximization is assumed one of the most important principles of enterprise behavior. This article analyzed about the two−period model. Therefore, the enterprise value of two period is the present enterprise value. On this article, we have three kinds of economic subjects. They are stockholder, management personnel and employee. The stockholder wants to maximize the present enterprise value. The management personnel wants to maximize his utility which depends on his income and position. The employee wants to maximize his utility which depends on his wage and the size of enterprise. According to our analysis, this article proved that the equilibrium point of present enterprise value maximization is different from the equilibrium point of the management personnel’s utility maximization, and the equilibrium point of present enterprise value maximization is also different from the equilibrium point of the employee’s utility maximization.