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现代企业的一个显著特征是所有权与经营权的分离,这种私有产权的分离和让渡使公司从指导对生产活动和技能的大规模专门化中获取了收益,但收益增加的同时也产生了一种特殊成本--代理成本。代理成本是由一系列代理问题所引起的企业实际收益与预期的偏差,因而代理问题成为公司治理的主要问题。本文讨论的经营行为短期化是代理问题的重要表现,直接影响到企业的长远发展,也被认为是公司制企业发展最为完善的美国各大企业近年来竞争力减弱的重要原因之一。
A striking feature of modern businesses is the separation of ownership and management, which allows companies to derive benefits from directing large-scale specialization in production activities and skills, but at the same time yields increased A special cost - agency costs. Agency costs are the deviations from the expected actual profits of a company caused by a series of agency problems. Therefore, agency problems become the major problems of corporate governance. The short-term management behavior discussed in this article is an important representation of the agency problem and directly affects the long-term development of the enterprise. It is also considered as one of the important reasons for the weakening of the competitiveness of the major US companies in recent years.