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“代理理论”是由科斯开创的现代契约经济学领域里的一个重要理论。代理理论认为,企业是个人间一系列契约关系的连结。代理关系就是一种契约关系,在这种契约下,一个或多个人(委托)雇佣另一个人(代理人)为他们进行某种商业活动,并把某些决策权交给这个代理人。由于代理理论着眼于认识和解决代理问题,以实现委托人利益最大化,因而成为以保护股东(委托人)翻益为目标的公司治理的理论基础。
“Theory of agency ” is an important theory in the field of modern contract economics pioneered by Coase. Agency theory holds that a company is a series of links between individuals in a contractual relationship. Agency relationship is a contractual relationship, under which one or more people (commission) hiring another person (agent) to carry out some kind of business activities for them, and some of the decision-making power to the agent. As the agency theory focuses on understanding and resolving the agency problem to maximize the interests of the principal, it becomes the theoretical basis of corporate governance aimed at protecting shareholders (clients) from turning over profits.