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小火儿 · 2023年02月20日

只有股东和manager之间才是principle-agent problem吗?

NO.PZ2022101401000005

问题如下:

Which of the following situation is most likely give rise to principal–agent problem?

选项:

A.

The combination of dispersed ownership and dispersed voting power.

B.

The combination of concentrated ownership and concentrated voting power

C.

The combination of concentrated ownership and dispersed voting power arises

解释:

A is correct.

The combination of dispersed ownership and dispersed voting power will give rise to principal–agent problem.

Shareholders are referred to as weak shareholders, and such managers are referred to as strong managers.

Under this combination, conflict may be significant, is known as a principal–agent problem.

只有股东和manager之间才是principle-agent problem吗?

股东指controlling+MI



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已采纳答案

王琛_品职助教 · 2023年02月21日

嗨,努力学习的PZer你好:


1

是的,一般提到 principle-agent problem,都是指股东和管理层

另外,出现委托代理问题时,股东其实并不包含控股股东

因为此时,无论是所有权,还是投票权,都是分散的 dispersed

2

如果出现了控股股东,其实反而会缓解委托代理问题

因为控股股东会控制董事会,从而决定管理层的任命,所以有动机去管理管理层,减少委托代理问题的产生

也请参考基础班讲义墨迹版 P265

3

这里也有辅助记忆的办法

principle-agent problem,所有权和投票权都是分散的,dispersed

principal–principal problem,无论所有权是分散还是集中,投票权一定是集中的,concentrated

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