论委托-代理理论与企业财务管理

On entrusting-acting-for theory and business financial management

在企业的所有权与经营权相分离的情况下,资本所有者和企业经营者的关系被称为委托—代理关系。委托—代理关系产生的经济基础是企业所有者向经营者授予经营管理权,因为由众多的所有者直接参与企业决策、经营管理、生产控制的成本是惊人的。但是委托—代理关系的确立又必然招致代理成本,由此引发的一系列问题会对财务管理产生影响。

In the situation of the separation of ownership and management of a business,the relationship between the owner of capital and the manager of the business is called the entrustingactingfor relation,or actingfor relation.The economic basis that the actingfor relation produces is that the owner confers managing right to the manager,which is to reduce the cost of management,because the cost tends to be enormous if many owners are involved in decision making,management and production control of a business.However,the establishment of actingfor relation is sure to produce actingfor cost,and the problems originating here will affect the financial management.