The large size and strong growth in luxury items implies that grey income was substantial in 2010, as suggested by a Credit Swiss report authored by Prof. Wang Xiaolu.
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然而,我国国有控股上市公司内却存在着严重的内部人控制问题,如利用职权牟取灰色收入、在职消费膨胀等。
However, our Listed Companies of State-owned exist the serious Insider Control problem, for example making use of the job power to take the gray income, incumbency to consume to inflate etc.
The policy burden not only bring soft budget constraint to affect the principal′s utility function, but also cause the problem of asymmetric information that induces managers to seek gray income .