论文部分内容阅读
按照Jensen和Meckling的观点,代理成本是指为设计、监督和约束委托人与代理人之间利益冲突的一组契约所付出的代价,加上执行契约时成本超过收益的剩余损失。目前颇受关注的代理成本主要有两种:一种是股东与管理者之间的利益冲突所导致的代理成本,一种是控股股东与其他投资者之间的利益冲突所导致的代理成本。如何缓解代理冲突,降低代理成本,成为一直被关注的问题,本综述主要总结下代理成本的因素,从以下几个方面进行文献综述。
According to Jensen and Meckling, agency costs refer to the costs of designing, monitoring, and binding a set of contracts for the conflict of interest between the principal and the agent, plus the remaining cost of the contract over the proceeds when the contract is executed. At present, there are mainly two types of agency costs that are of great concern. One is the agency cost caused by the conflict of interest between the shareholders and the manager, and the other is the agency cost caused by the conflict of interest between the controlling shareholder and other investors. How to alleviate the agency conflicts and reduce the agency costs has become a concern. This review mainly summarizes the factors of the agency costs and reviews the literature from the following aspects.