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.

経済学では，「利潤最大化」が企業行動の基本原理である。その理論を費用の面から分析すると，「費用最小化原理」とも言える。しかし，経営学においては，このミクロ経済学における「利潤最大化原理」以外のさまざまの企業行動原理が考察されている。特に最近では，「企業価値最大化原理」が経営学では企業行動原理の主流になってきている。本論文では，この現時点における企業価値最大化をはかる「企業現在価値最大化原理」に基づく企業行動を，二期間の数理モデルを用いて分析し，株主，経営陣，従業員のそれぞれの目的関数を最大化する均衡点は一致しないことを証明する。