一、Agency theory代理人理论★★★
Any agency relationship involves two parties:a principal and an agent.The agentis accountable to the principal.The relationship arises from the separation of management and ownership in public companies(and in other situations insociety)。
An agency relationship is one of trust between an agent and a principal which obliges the agent to meet the objectives placed upon it by the principal.As one appointed by a principal to manage,oversee or further the principal‘s specific interests,the primary purpose of agency is to discharge its fiduciary duty to the principal.
二、Fiduciary duty基于信任的义务★★
基于信任的义务是一种duty of care and trust,是个人或企业对另一方的责任。可以是法律的或道德的义务。
三、The agency problem代理问题★★
The agency problem-solution代理问题的解决方案★
Exercise control
Introduce mechanism to control the activities of the agent.
四、Agency costs代理成本★
委托人要承担agency cost,which are the costs of the monitoring that is required because of the separation of ownership and management.因为所有权管理权分离而导致的监督成本,称为代理成本。
Resolving the agency problem-alignment of interests
利益一致意味着代理人的目标与股东目标整体一致Alignment of interests is accordance between the
objectives of agents acting within an organisation and objectives of agents within an organisation and the objectives of the organisation as a whole,也称为goal congruence。
1.Profit–related/economic value-added pay
2.Rewarding managers with shares
3.Executive share option plans(ESOPs)