公司治理中代理问题.doc

公司治理中的代理问题 【摘要】根据公司治理理论，当公司规模达到一定程度 ，单一的组织结构已经很难满足管理的需求，为了提高组织运行效率，产权分离被多数企业所采用。但是随之而来的产权不明晰，委托代理机制不完善等因素直接导致了公司结构的混乱，效率低下。本文分析了现今普遍存在的一些 代理权问题，主要包括股东与管理当局之间、债权人与股东之间和控股股东与小股东之间的代理问题。结合案例——泰科国际——解释了委托代理问题在实践中出现的弊端。然而，公司治理不仅需要一套完备有效的公司治理结构，更需要若干具体的超越结构的治理机制，文章针对案例中存在的问题给出了一些 对策，诸如完善契约机制、增强董事会的独立性、发展中介机构等。并且也提出了一些 能降低代理成本的建议，旨在完善治理机制的同时，也能使代理成本最小。关键词： 公司治理, 委托代理AbstractAccording to the theory of corporate governance, with the expansion of the company scale, the current single organization could no longer effectively functioned as originally scheduled. In order to improve the performance, most of the companies adopted the mechanism that separates the ownership from control. However, this mechanism would also give rise to a series of problems, such as unclarity of the property right and the incompleteness of the agency system, resulting in the chaos and low efficiency of the company structure and management.In this article, I will analyze some general agency problems existing in between the shareholder and the manger authority, the creditor and the shareholder and the major shareholder and the minus shareholder. I will illustrate the shortcomings of the agency problem by the case of Tyco International in practice. However, corporate governance needs several effective mechanisms which exceed the structure rather than a maturity structure itself. According to the case, t his study gives us some suggestions such as consummating the agency contract, improving independence of the board ’ s and developing the agency institution, etc. In addition, it also finds some measures which could reduce the agency cost as well.Keywords : Corporate governance, agency problem目 录第一部分 引言 ----------------------------------------------------------------------------------1第二部分 文献综述 ----------------------------------------------------------------------------2第三部分 公司治理理论基础3.1 公司治理与公司治理结构的含义 ------------------------------------------------------33.2 公司治理的基本制度 -------------