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股东与经营者之间的委托代理问题

时间:2015-11-10 17:05来源:www.ukthesis.org 作者:英国论文网 点击联系客服: 客服:Damien
股东与经营者之间的委托代理问题
The Principle Agent Problem Between Shareholders And Managers 
 
经济理论认为,企业的目标是股东财富与资本;创业企业实现自主管理。然而,现在的所有制被大股东群体削弱了。这导致了所有权与经营权的分离,阻碍了股东与管理者之间的关系;在管理者中,管理者代替股东利益。这可能是由于信息不对称[ 1 ],管理者有权按照股东的需要,这被称为“代理问题”,这在现代企业中很常见。
 
根据这一理论可知关系是通过一个有约束力的合同,主要的(股东)指定的代理(管理者),以执行服务与权力作出决定的关系。然而这样的合同是不完善的,里面不包括代理人的每一个行为,其决定对其和主要利益的影响。因此,自利的行为出现在神创论作为双方的利益分歧。即委托人的利益以创造股东财富(利润创造)而代理的兴趣在于自己的效用论(奖金/晋升)。股东允许管理者经营公司的资产,导致利益冲突。因此,根本问题是调整双方的利益。
 
此外,负责人要求董事会把决策的基础建立在玛克辛股权价值上。然而,董事会希望管理者也能遵循策略,那就是支持他们的目标。这种情况说明,股东没有直接投入到经营,因此没有权力告诉管理者要做什么。这个问题的产生是由于所有权与控制权的分离,因此管理者都能追求有利于他们和股东的目标难以忍受。总的来说,两党之间的分离增加了缺乏目标的一致性。
 
问题在于,为什么股东不监督管理?这里有三个原因能解释为什么控制会导致困难。
 
Economic theory speculates that a firm's goal is to capitalize on shareholders wealth; achievable with entrepreneurial firm since owners are managers. However, ownership nowadays is significantly diluted, with companies owned by large shareholder groups. This causes the separation of ownership and management which hinders the relationship between shareholders and managers; where managers replace shareholders interest with their own. This may be due to information asymmetry [1] where managers have the power to act in accordance to shareholder needs. This is known as the "agency problem" and is common in modern corporate.
 
Under this theory the relationship is formed through a binding contract whereby principal's (shareholders) appoint the agents (managers) to execute services with authority to make decisions. However such "contracts" are imperfect as the impracticality to include every action of the agent whose decisions has an impact on their and the principal's benefits. Thus, self interested behaviour arises in organisations as the interest of both parties diverges, i.e. principal's interest regards maximisation of shareholders wealth (profit maximisation) whereas agent's interest lies in own utility maximisation (bonuses/promotion). Shareholders permit managers to run the firm's assets; resulting in a conflict of interest. The fundamental problem therefore is to align the interests of both parties.(责任编辑:cinq)


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