Share-based payments are of widespread use in today's economy. Consulting firms are increasingly accepting equity compensation for their services (particularly from startups) and many governments provide fiscal incentives to support this choice. Likewise, profit-sharing licensing is an on-trend business practice by innovative firms and patent holders when transferring their technology to interested adopters. This paper unveils strategic considerations according to which an agent/seller designs its optimal policy in regard to the equity share to request in exchange for its service, technology, or trademark. The model assumes a fringe of interested users/customers differentiated by both the support they need from the seller and the value of the underlying relationship; and also holding an informational disadvantage on their own type. Given the seller's cost configuration, equilibrium outcomes entail entering a profit-sharing relationship either with the high-type customers only or with all customers. Yet, in this case, equity-based payment claims are —for rent extraction purposes— common (i.e., not differentiated) across types.

中文翻译：

---

信息不对称下以权益结算的股份支付及其（战略）运用

股份支付在当今经济中得到广泛应用。咨询公司越来越多地接受其服务的股权报酬（尤其是来自初创公司的），许多政府提供财政激励措施来支持这种选择。同样，利润分享许可是创新公司和专利持有者在将其技术转让给感兴趣的采用者时的一种流行商业做法。本文揭示了代理商/卖方根据其服务、技术或商标所要求的股权份额设计最佳政策的战略考虑。该模型假设有一群感兴趣的用户/客户，这些用户/客户根据他们需要从卖家那里获得的支持和潜在关系的价值来区分；并且在自己的类型上也处于信息劣势。给定卖方的成本配置，均衡结果需要仅与高类型客户或与所有客户建立利润分享关系。然而，在这种情况下，出于提取租金的目的，基于股权的支付债权很常见（即，不区分）跨类型。