摘要
公司治理问题的由来在于代理成本的存在,代理成本和公司治理是由不同的融资方式决定的。因股权融资而产生的代理成本包括股东与经理之间的代理成本以及大股东与小股东之间的代理成本。以股权人的视角,在对股权融资的代理成本作出界定的基础上,从公司治理的作用机理、公司治理机制设计与效率度量等方面,对股权人的公司治理机制与效率进行分析。
The problem of corporate governance is derived from the existing of agency costs, which are the results of (financial) structure. The agency costs of equity include the ones which come from the conflicts between the stock-holders and the managers, as well as between the big stock-holders and the small ones. Beginning with the definition the agency costs of (equities,) the mechanism of corporate governance and its efficiency are analyzed in this paper.
出处
《系统工程》
CSCD
北大核心
2004年第12期31-33,共3页
Systems Engineering
关键词
股权融资
代理成本
公司治理
Equities Financing
Agency Costs
Corporate Governance
