比起花旗集团和贝尔斯登,私人实体企业与委托代理问题无多少关联,这是因为其拥有集中的所有制。
Private equity companies have much less of a principal-agent problem than do Citicorp, Bears Sterns and other publicly traded companies because private equity companies have a concentrated ownership.
这些股东和经理人在目标上的冲突会产生委托代理问题(principal-agent problem)。
Such conflicts between shareholders’ andmanagers’ objectives create principal–agent problems.
现代企业制度的基本特征之一就是所有权与经营权分离,从而产生了委托代理问题。
One of the basic features of the modern enterprise system is the separation of ownership and operation, which gives birth to the problem of principle and agent.
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