CEO Compensation Contract Design under Moral Hazard and Adverse Selection

In modern corporate governance, the separation of ownership and management rights leads to increasingly prominent principal-agent problems. Information asymmetry leads to adverse selection in advance and moral hazard after the event, which significantly increases agency costs and weakens the incentive effect of enterprises. In view of the realistic dilemma of unobservable executive ability and unverifiable efforts, the traditional single performance-linked compensation model is difficult to adap