agency cost 中文意思是什麼
agency cost
解釋
代理成本-
In fact mbo corrects the defection causable of the excessive agency cost
Mbo實際上是對過度分權導致代理成本過大的一種矯正。 -
Empiric research on the capital structure of our listed companies from the angle of agency cost
從代理成本角度對我國上市公司資本結構的實證研究 -
Buyers ( management ) can get profit from the raising of companies performance and the underestimated prices, avoid hostility acquisition, satisfy the needs of carving out business ; seller ( shareholder ) can reach the purpose of reducing agency cost, incent and restrict the management, peel off assets and change public - owned departments to private departments
買方管理層可以獲得來自公司經營業績的提高和企業價值被低估的收益，避免被敵意收購，滿足創業的需要；賣方股東可以達到降低代理成本、激勵和約束管理層、剝離資產和公營部門私有化的目的。 -
The companies " organizing cost composes of two parts : one is agency cost that be resulted in the target inconformity among these people who have the right to make the decision
公司的組織成本重要由兩個部分構成：一是決策人目標不一致而引起的代理成本；二是缺乏信息引起的成本。 -
In 1958, two economist modigliani and miller proposed famous mm theory. they argued that capital structure has no effect on enterprise value in the completely competitive capital market later on, many papers about enterprise finance have analyzed capital structure in terms of tax capital cost agency cost and incomplete contract because completely competitive market does not exist in reality, capital structure has particular function on interior message stimulation mechanism and control righto this article just discusses these aspects, that is, studies governance structure reform in terms of capital theory
1958年，兩位經濟學家modigliani和miller提出了著名的mm理論，其大意是，在完全競爭的資本市場上，企業的資本結構不影響企業的價值。此後，許多有關企業金融的文獻分別從稅收、資金成本、代理成本、不完全契約等方面對企業資本結構的設計和功能進行了分析。由於完全競爭的資本市場在現實中並不存在，資本結構在向外部的投資者顯示企業內部的信息、決定控制權的安排及提供激勵等方面，都有其特殊的功能，從而影響乃至決定企業的價值。 -
It takes agency theory as its premise, human resource property right as its core, and modern distribution theory and risk theory as its foundation. its basic idea is to give high - level managers headed by chief executive officer the right to purchase common stocks of the company at a certain price and time in the future. through this equity system, it ' s expected to inspirit organizations " management in the long run, avoid operators " short - term behavior, and thus reduce agency cost, improve organizations " management structure, and promote the stability of management, so that both constituents ( stake holders ) and vicegerents " ( operators ) targets of gaining profit will be realized finally
其本質是對經營者的一種薪酬安排；它以代理理論為前提，以人力資本產權理論為核心，以現代分配理論和風險理論為基礎；其基本內容是給予公司內以首席執行官為首的高級管理人員在未來某特定的時間按某一固定價格購買本公司普通股的權力；通過這種機制希望對公司管理層起到長期激勵的作用，避免經營者的短期行為，從而減少代理成本，改善企業的治理結構，促進穩健經營，最終實現委託者（股東）和受託者（經營者）雙贏的目的；它是把期權理論應用於現代激勵機制的一種制度創新，比較符合市場經濟條件下企業經營者的價值取向和企業發展的戰略要求。 -
Research on corporation debt term structure and agency cost theory
企業債權融資與代理理論研究 -
For the aspect of ownership structure, increase the proportion of outstanding issues, limit dominant shareholder ’ s dealings ; meanwhile, form a level of ownership concentration to lower down the agency cost and improve operating effectiveness
在股權治理方面，要逐步提高流通股比例；要限制大股東的掠奪行為，形成相對的股權制衡局面；要形成一定程度的股權集中，降低代理成本，提高經營效率。 -
Those issues discussed in contract economics such as agency cost, incentive problems, moral hazard, adverse selection and free - rider problem, etc., all appear in the process of venture capital investment
契約經濟學所論述的代理成本、激勵問題、道德風險、逆向選擇、搭便車等，在風險投資過程中都會出現。 -
Buyers ( management ) can get profit from the raising of companies performance and the underestimated prices, avoid hostility acquisition, satisfy the needs of carving out business ; seller ( shareholder ) can reach the purpose of reducing agency cost, incenting and restricting the management, peeling off assets and changing public - owned departments to private departments
買方管理層可以獲得來自公司經營業績的提高和企業價值被低估的收益，避免被敵意收購，滿足創業的需要；賣方股東可以達到降低代理成本、激勵和約束管理層、剝離資產和公營部門私有化的目的。 -
In the case of capital limit, the inseparability of human capital increases agency cost while the absence of capital market efficiency decreases it
在資本限額的條件下，一方面人力資本的不可分散性增加代理成本，另一方面資本市場的效率缺失降低代理成本。 -
At the same time, mbo, as a creative way, has its significance in regulating the share structure of public companies, minimizing agency cost, promoting the management efficiency and optimizing social resources as well
同時，上市公司管理層收購作為一種制度創新，對于上市公司調整股權結構、降低代理成本、提高經營管理效率以及實現社會資源的優化配置也有重要意義。 -
If the indexes system is incomplete, the manager will take opportunism action for his benefit, so the agency cost will increase. at this time the economic consequence occur
當評價指標不全面完整時，代理人出於自身利益的考慮，就會採取機會主義行為，代理成本就會增加，這時就出現了經濟後果。 -
Their power tend to expand and usually surpass the legal frame incurring too much agency cost
他們的權力有擴張的趨勢，並且常常超越了法律框架，導致巨大的代理成本。 -
We find some evidence suggesting the importance of asymmetric information theory and agency cost theory in explaining the financing choice of our listed corporations
非對稱信息理論和破產成本理論對我國上市公司具有較好的解釋性。 -
By relaxing the main assumptions in the mm theorem and introducing such variables as taxation, bankruptcy cost, asymmetric information, agency cost and transaction cost, this paper proves that in real economic situations, capital structure influences corporate value through three channels, namely tax avoidance effect corporate governance mechanism and signal mechanism
摘要放寬mm定理中的主要假設條件，引入稅收、破產成本、不對稱信息、代理成本、交易成本等變量，由此證明了現實經濟環境中資本結構通過避稅效應、公司治理機制和信號機制三條途徑影響公司價值。 -
The maximum of marketing value is accredited corporation financial goals, the thesis base on modern corporation financing theory and analyze the theory of net interests, net business income and mm theory. further more, on the base of mm theory, the thesis expound the infection of bankrupt cost and agency cost to corporation capital structure, bring forward a balance model of the both from the view of the creditors and debtors
本文以西方現代企業理論和財務金融學公認的市場價值最大化為企業目標，系統地分析研究了凈收益理論、凈營業收益理論、 mm理論等早期和現代資本結構理論，並以mm理論為分析框架，詳細地闡述了破產成本、代理成本對企業資本結構的影響，進而從債權人、債務人的角度提出了兩者綜合作用的權衡模型。 -
Due to qingdao haier ' s preference for raising fund by issuing new stocks, its capital structure is not reasonable, if it raise fund by convertible bond, it will increase value through tax shield, it will also reduce the agency cost brought about by debt
採用可轉換債券融資可以利用債務的稅盾作用為公司創造價值，還可以減少債務帶來的代理成本。青島海爾發行可轉換債券必須切實加強管理，使可轉換債券順利轉換。 -
Then the second chapter analyzes the mbo ’ s economics base : berle - means hypotheses 、 managerial revolution 、 agency cost 、 ownership cost 、 corporate governance 、 three - needs theory ( need for achievement 、 need for power 、 need for affiliation ) 、 property rights encourage, and then points out that the mbo system reduces monitoring cost and collectivity decision - making cost for manage level utmost by means of combined the role manager with owner, which also inspires manage level to make great efforts on management
第二章解析了管理層收購的經濟學基礎:伯勒?米斯假說和經理革命理論、代理成本理論、所有權成本及人力資本補償理論、公司治理結構理論、激勵機制理論和產權激勵理論，指出管理層收購制度通過使所在者和管理者身份合一，最大限度地降低管理人員監控成本和集體決策成本。 -
The dissertation analyzes determinants of financial structure of listed agribusinesses in china by using the empirical methodology, and provides the empirical evidences of theories of financial structure and traits of chinese listed agribusinesses. the influence of the micro - factors and macro - circumstance is tested. in addition it shows reasons from tax, bankruptcy risk, agency cost and asymmetric information perspectives
全文從微觀因素和宏觀環境兩個層面展開，分析了盈利性、經營風險、資產實質性、規模、稅收制度、股權結構、金融體系等因素對融資結構的影響，並從稅收、破產風險、代理成本和不對稱信息的角度分析了產生的原因。
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