论文部分内容阅读
所谓代理成本主要是指股东与经理人之间订立、管理、实施那些或明或暗的合同的全部费用。由于信息的不对称,股东无法知道经理人是在为实现股东收益最大化而努力工作,还是已经满足平稳的投资收益率以及缓慢增长的财务指标的支付金额。资产所有权与使用权的分离会产生委托代理关系,这种委托代理关系会产生代理成本,本文阐述的就是这方面的内容。
The so-called agency costs mainly refers to the shareholders and managers to enter into, manage, implement those bright or dark the full cost of the contract. Due to the asymmetric information, shareholders can not know whether the manager is working hard to maximize shareholder returns, or has already satisfied the steady return on investment and the payment for slow-growing financial indicators. The separation of asset ownership and usufruct will result in the relationship of principal-agent, which will result in agency costs. This article is about the contents of this article.