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公司经理层以自己的利益最大化为根本创造的价值,与以公司的利益最大化为根本进行管理创造的价值之差,就是公司管理中的代理成本。这几乎存在于每个股份公司,所以差值一般为负数。差值越小说明经理层与股东的利益越趋一致,差值为零说明公司经理层的利益与管理层的利益完全一致。代理成本产生的根源是经理层的风险厌恶特性以及公司所有权和经营权的分离,从经济学角度讲,其来源于“人性是自私的”这一基本假设。代理成本越小,公司和股东的价值得以最大化的实现;反之,则相反。本文通过实例来进行分析。
The difference between the value that the manager of a company manages to maximize with the maximization of its own interests and the value that is created with the maximization of the interests of the company is the agency cost in the management of the company. This almost exists in each joint-stock company, so the difference is generally negative. The smaller the difference, the more consistent the interests of managers and shareholders. The difference of zero indicates that the interests of managers and managers are exactly the same. The origin of agency costs is the manager's risk aversion characteristics and the separation of ownership and management of the company. From an economic point of view, it comes from the basic assumption that “human nature is selfish.” The smaller agency costs, the company and the shareholders to maximize the value of the other hand, on the contrary, the opposite. This article by example to analyze.