代理问题与企业理论[中英]—by_laowen.docxVIP

学习参考 学习参考 Age ncy Problems and the Theory of the Firm 代理问题与企业 理论 摘要：This paper attempts to explain how the separation of security ownership and control, typical of large corporations, can be an efficient form of economic organization. 本文试图说明证券所 有权和控制权的分离对于经济组织可能是有效形式的机理， 尤其对于大型企业而言。Wefirst set aside the presumption that a corporation has owners in any meaningful sense.我们首先抛开企业在任何意义下一定有所有者的假定 。 The entrepreneur is also laid to rest, at least for the purposes of the large modern corporation. 一定有企业家的假定也可以放在一边，至少对大型现代企业而言是的。 The two functions usually attributed to the entrepreneur — management and