The separation of ownership and control in publicly held firms often creates incentive conflicts between stockholders and management, which causes agency costs for the firms' stockholders.

所有权与管理权分离经常会引起所有者与管理者之间的激励冲突，从而引起所有者的代理成本。

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Mr Skuratov has upset Mr Yeltsin by poking away at the property-management agency of the Kremlin, which is reputed to control billions of dollars of cash and other assets.

ECONOMIST: Russia