The paper also indicates that yardstick competition can improve the intensity of motivation, reduce the agency cost, and strengthen the validity of motivation.
通过“标尺竞争”可以提高激励强度,降低代理成本,增强激励的有效性。
The agency cost theory holds that the aim of paying cash dividends for listed companies is to reduce the agency cost which comes from the separation of ownership and management.
传统研究多采用代理理论来解释这一现象,该理论认为上市公司所有权和管理权分离产生了代理成本,而上市公司发放现金股利则能降低代理成本。
MBO (management buyout), born and mostly applied to reduce the agency cost of enterprises in the West, is has an outstanding performance in matters of improving the efficiency of companies' operation.
产生并大量适用于英美等西方国家的管理层收购在减少企业代理成本和提高公司运营效率方面成绩卓著;
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