委托代理关系与企业道德风险

Agency Relation by Agreement and the Moral Risk of Enterprises

企业有所权与经营权的分离引发了委托代理关系,而道德风险是委托代理关系的必然产物;在委托代理关系中产生道德风险的原因在于代理人的利己性和委托人与代理人之间的信息的不对称性的同时存在;在企业委托代理关系中,所有者(雇主、股东、董事或政府等)、经理人和员工是其基本的链条,股东与经理、经理与员工都可以归结为委托人与代理人的关系,由此,企业道德风险存在于所有者、经理人和员工三个层面;规避企业道德风险既要从经济人的假设出发,探寻良好的激励约束机制,更要从社会人的事实出发,诉诸于企业人员的职业化和企业的职业化管理。

The divorce between enterprises＇ownership and right of use initiates agency relation by agreement, and moral risk is an inevitable result. The cause of bring about moral risk among agency relation by agreement lies in that there are simultaneously agents＇egoism and dissymmetry of information among trustors and agents. It is the basic chain of owners, managers and staff among enterprises＇agency relation by agreement,the relations of stockholders and managers, managers and staff may be summed up to the relation of trustor s and agents. So, the moral risk of enterprises is present in owners, managers and staff, to avoid moral risk of enterprises beth need looking for a good mechanism of encouragement and restraint from the hypothesis of economic man and resort to staff＇s professionalization and enterprises＇ management of professionalization from the fact of social man.