代理成本

在对公司再融资的研究过程中逐步形成了两种理论，即MM理论和代理成本理论。

In the process of studying refinancing , we have two kinds of theories : namely MM theory and agent cost theory .

采用何种激励与约束机制才能有效降低代理成本、并促使TMT为公司长期发展而努力；

Which incentive and restrain mechanism should be adopted to reduce the agent cost and encourage TMT to strive for the long-run development ;

基于代理成本的IPO公司审计师选择实证分析&来自沪深股市IPO公司的证据

Empirical Analysis on the Relationship between Agency Cost and Auditor Choice of IPO-Firms Evidences from IPO-Firms in Stock Market of China

通过MBO，管理者成为完全的剩余权益拥有者，可减少或消除代理成本，激励经理人积极性的发挥。

Through MBO , a manager becomes a complete owner of the surplus value , which can eliminate or reduce the agency cost and stimulate managers .

MBO是优化公司治理结构，降低公司代理成本和促进公司管理、激励机制变化的有效工具。

MBO is a tool that can optimize the management construction of company , decreases the agency cost , promotes the improvement of management and change the irrational encouraging mechanism .

管理层收购（MBO）是优化公司治理结构、降低代理成本、充分发挥企业家才能，从而提高公司财务绩效的有效途径。

Management buyout ( MBO ) is an effective method of optimizing corporate governance , reducing agency cost , making best use of enterprisers ' talents and improving finance performance .

股权结构不合理导致我国上市公司治理结构存在问题，而MBO正是完善公司治理的有效手段，在我国可以充分发挥明晰产权、降低代理成本、实现企业家价值的作用。

The ownership of a share construction caused the listed company many problems , and MBO is the valid means to these problems , and also having great functions in China .

由于MBO在激励内部人积极性、降低代理成本、改善公司经营状况等方面起到了积极作用，因此在英美等国家得到了广泛的发展。

MBO has been widely applied in England and USA because of its positive effect on inspiring with managers , reducing cost of agent and improving status of corporations ' work .

不同于传统的绩效考核方式，由于银行EVA指标是经过风险调整的收益，具有与银行股东价值目标高度相关的特点，并且能有效减少代理成本问题。

Different from traditional performance evaluation methodology , EVA indices represent risk-adjusted returns , so they have high relevance to the value objectives of bank shareholders and are capable of effectively reducing vicarious costs .

西方学者对融资的研究始于MM理论，其后许多西方学者从不同的角度研究各类融资方式对公司治理产生的影响，代表性的有代理成本理论、信息不对称理论、产品市场理论等等。

Western economists studied finance from MM model , then many economists studied finance how to effect corporate governance from a few of aspects . It produced many theories such as agency costs theory , asymmetric information theory and product-market theory .

其二，构造以EVA为基础的奖金计划，在原有奖金计划的指标、标准和模式上加以创新，来抑制经理人的机会主义倾向，降低代理成本，调动经理人积极性从而完善经理人报酬激励机制。

Second , establish EVA bonus plan which is better than the old in the index , standard and pattern in order to control executive 's opportunism , reducing the agent cost , stimulate the enthusiasm .

从本质上讲，降低代理成本、有效激励人们的积极性、充分发挥企业家才能为MBO的存在提供了最基本的理论依据。

In essence , reduction of agent cost , effective encouragement of the managements ' enthusiasm , and brings the capability of the entrepreneurs into fully play form the most fundamental ground of theory .

为有效解决现代公司治理中存在的代理成本问题，自20世纪90年代以来，当代西方的公司绩效管理领域出现了三种创新：EVA、平衡计分卡和智力资本评价体系。

In order to solve the agency cost that exists in Corporate Governance , since 1990 's , there emerged three types of innovation which are known as EVA , the Balanced Scorecard and Intellectual capital evaluation system .

MBO实现所有者和经营者合而为一，是降低公司代理成本最有效的激励机制，是完善现代公司治理结构的有效途径，能帮助实现现代公司治理结构公平和效率的目标，具有重大意义。

As the most effective incentive mechanism to lower the " agency cost " for the companies and effective path for better modern company governance , MBO " mergers " the owner and manager and facilitates the fairness and effectiveness .

为此，我们进一步采用Logit模型，从融资成本、破产风险、负债能力约束、代理成本和控制权等因素多角度考察了我国上市公司融资行为的影响因素。

Therefore , we use a Logit model , examining the determinants of China 's listed companies ' financing behavior from the aspects of financing cost , bankruptcy risk , debt capacity , agency cost and corporate control .

公司的组织成本重要由两个部分构成：一是决策人目标不一致而引起的代理成本；决策权最优配置就是使组织成本最小化。MBO实际上是对过度分权导致代理成本过大的一种矫正。

The companies ' organizing cost composes of twoparts : one is agency cost that be resulted in the target inconformity among these people who have the right to make the decision . The rational deciding construction can make the minimum of organizing cost .

但如何权衡破产成本和代理成本是实际理财工作中最棘手的问题。

But the problem is one of the most difficult work .

知识型企业激励、代理成本与人力资源绩效

Incentive of Knowledge Business , Agency Cost and Human Resource Performance

s所占c－F。这就是通常所说的经理人代理成本问题。

This is the question of the manager 's agent cost .

商业信用和发行债券增加时会降低代理成本。

Increase in commercial credit and bonds will reduce agency costs .

上市公司股利政策的代理成本理论诠释

The Illustration for Agency Cost Theory of Listed Companies Dividend Policy

而恰当的产权制度安排能够降低代理成本和投资风险。

Proper ownership arrangement can reduce agency cost and investment risk .

投资&现金流敏感性：融资约束还是代理成本？

Investment-Cash Flow Sensitivity : Financial Constraints or Agency Costs ?

高管薪酬、公司治理绩效与代理成本显著负相关。

Managerial salary and firm performance have negative correlation with agent cost .

代理成本的产生是薪酬披露法律制度的基础。

Agency cost is the basis of remuneration disclosure system .

企业激励监督机制与代理成本分析

The Analysis of Incentive and Supervision Mechanism of Firms and Their-Agency Costs

基于自由现金流代理成本假说的投资行为研究

Investment Behavior Based on Free Cash Flow Agency Cost Hypothesis

对债务融资结构的调整可有效降低代理成本。

The agency cost can be reduced by the debt structure adjustment .

大股东代理成本问题研究

The Research on Controlling Shareholder s ' Agency Costs Problem

诚信、代理成本与家族企业的经理选择

Trust , Agent Costs and the Choice of Family Business