뗚?뻭뗚?웚놱뺩붻춨듳톧톧놨?짧믡뿆톧냦?Vol???No???????쓪?퓂JournalofBeijingJiaotongUniversity?SocialSciencesEdition??Sep?????캯췐ꆪ듺샭맘쾵쿂믹폚좨틦놾샻죳싊뗄웳튵ퟮ폅놾뷡릹럖컶컢??첷뿋뮢?놱뺩붻춨듳톧뺭볃맜샭톧풺?놱뺩???????햪?튪?좷뚨ퟮ폅놾뷡릹쫇쿖듺웳튵뺭펪뻶닟뗄튻쿮훷튪쓚죝?좻뛸펰쿬웳튵ퟮ폅놾뷡릹뗄틲쯘폐뫜뛠?폈웤퓚쯹폐좨폫뺭펪좨럖샫늢뻟폐캯췐ꆪ듺샭맘쾵쿂뗄웳튵룼쫇죧듋ꆣ평폚쯹폐헟폫뺭펪헟탅쾢늻뛔돆?캪쇋쪹쯹폐헟웚췻쫕틦ퟮ듳뮯?춨뎣뗄ퟶ램쫇붫뺭샭뗄놨돪폫춶샻죳싊솪쾵웰살?떫헢훖랽램쎻폐뾼싇웳튵놾뷡릹쯹듸살뗄뺭펪럧쿕ꆣ놾컄죏캪?붫뺭샭뗄놨돪폫좨틦놾뗄샻죳싊쿠솪쾵쫇뇘튪뗄?쇭튻랽쏦?뺭펪헟쯹뢶돶뗄돉놾늻떥떥냼몬뺭펪뗄럧쿕돉놾?뮹냼몬뺭펪헟뗄얬솦돉놾?떫퓚뺭뗤뗄캯췐ꆪ듺샭쒣탍훐?뺭펪헟뗄얬솦돉놾횻냼몬뺭펪헟틲벤샸뛸뢶돶뗄얬솦돉놾?볲돆캪ꆰ뚯솦얬솦돉놾ꆱ?뛸쎻폐냼삨틲뢺햮뺭펪뛸뢶돶뗄얬솦돉놾?볲돆캪ꆰ톹솦얬솦돉놾ꆱ?쫇늻좫쏦뗄?놾컄죏캪?붫뺭샭틲뢺햮뺭펪뛸뢶돶뗄얬솦돉놾쓉죫캯췐ꆪ듺샭쒣탍쫇뷏좫쏦뗄ꆣ맘볼듊?캯췐ꆪ듺샭?놾뷡릹?좨틦놾샻죳싊?얬솦돉놾훐춼럖샠뫅?F?????????컄쿗뇪쪶싫?A???컄헂뇠뫅??????????????????????????AnalysisofOptimumCapitalStructureofCompanyBasedonEquityCapitalProfitsRateUnderPrincipal_AgentRelationWUHao?TANKe_hu?SchoolofEconomicsandManagement?BeijingJiaotongUniversity?Beijing???????China?Abstract?Determiningtheoptimumcapitalstructureisamajorcontentinthemanagement_deci?sionofmodernenterprise?buttheoptimumcapitalstructureisinfluencedbymanyfactors?theseenterprisesinwhichproprietaryrightsisseparatedwithoperatingrightsareevenmore?Becauseinformationisnosymmetrybetweenownerandoperator?theusualpracticesetsarelationbe?tweenthemanagerꆯswageandtheinvestprofitrate?buttheoperatingriskfromthecapitalstructureofenterpriseisnotconsideredinthispractice?Thispaperthinksthatitisnecessarytosetarelationbetweenthemanagerꆯswageandtheequitycapitalprofitrateinordertomaketheownerꆯsprofitmaximum?Intheotherside?theoperatorꆯscostincludesnotonlythecostofop?eratingrisk?butalsostrivingcostofthemanager?butinclassicprincipal_agentmodel?strivingcostofthemanagerincludesonlythecostwhichtheoperatorexpendsbecauseofencouragement?itsbriefformisꆰexpensebecauseofencouragementꆱ??notthecostwhichtheoperatorexpendsbecauseofoperatingindebt?itsbriefformisꆰexpensebecauseofoperatingindebtꆱ??soitisnꆯtoverall?Thispaperthinksitismoreoverallthatthecostwhichtheoperatorexpendsbecauseofoperatingindebtisbroughtintoclassicprincipal_agentmodel?Keywords?principalandagent?capitalstructure?equitycapitalprofitsrate?strivingcost쫕룥죕웚???????????ퟷ헟볲뷩?컢?????ꆪ??쓐?뫾놱듳튱죋?놱뺩붻춨듳톧뺭볃맜샭톧풺늩쪿짺ꆣ
뗚?웚????????????컢?뗈?믹폚좨틦놾샻죳싊뗄웳튵ퟮ폅놾뷡릹럖컶??튻ꆢ틽쎿막펯폠컞닮뇰럖컶램ꆢ웳튵볛횵ퟮ듳뮯램뫍쎿??퇔막볛횵ퟮ듳뮯램ꆣ헢킩랽램퓚샭싛짏듦퓚튻뚨뗄웳튵랢햹탨튪놾?놾뻶닟쫇쿖듺웳튵뺭좱쿝?쎿막펯폠컞닮뇰럖컶램캴뾼싇럧쿕뗄펰쿬?펪뻶닟뗄튻쿮훷튪쓚죝ꆣ웳튵뗄돯뻶닟뻍쫇룹뛸웳튵볛횵ퟮ듳뮯램냑뢺햮ퟷ캪웳튵볛횵뗄튻늿뻝ퟔ벺뗄쒿뇪몯쫽뫍쫕틦돉놾풼쫸?톡퓱ퟮ폅럖쫇늻뫏샭뗄ꆣ쎿막볛횵ퟮ듳뮯램틔좨틦놾쎿놾뷡릹ꆣ놾뷡릹횸웳튵룷훖뎤웚뷰살풴뗄릹막볛횵ퟮ듳뮯ퟷ캪퇐뺿웳튵ퟮ폅놾뷡릹뗄뇪돉뫍뇈샽맘쾵?춨뎣뎤웚뷰살풴냼삨뎤웚햮컱ힼ?벴떱좨틦놾쎿막쫕틦ퟮ듳쪱?웳튵뗄놾뷡놾뫍좨틦놾?틲듋?놾뷡릹춨뎣쫇횸웳튵뎤릹듯떽ퟮ폅ꆣ룃랽램듓막뚫샻틦캪돶랢뗣?틔좨웚햮컱놾폫좨틦놾뗄릹돉뇈샽?쫇랴펳웳튵틦놾쎿막볛횵ퟮ듳뮯캪쒿뇪?퇐뺿웳튵뗄ퟮ폅놾쪵솦뗄훘튪횸뇪뫍뫢솿웳튵햮컱뎥뮹쓜솦뗄놾뷡릹?뇈잰솽훖랽램룼뻟폐쿖쪵탔뫍뿉닙ퟷ훘튪돟뛈?춬쪱튲쫇볬퇩웳튵닆컱럧쿕?뷸뛸짦벰탔?떫쯼낵몬뗄잰쳡볙짨쫇놾뷡릹폫뺭샭죋풱웳튵헻쳥닆컱럧쿕뗄훘튪틀뻝?쯹틔뛔ퟮ폅놾탐캪횮볤늻듦퓚맘쾵?튲쎻폐뾼싇웳튵놾뷡릹뷡릹뗄퇐뺿컞싛쫇퓚샭싛짏뮹쫇퓚쪵볹훐뚼뻟폐쯹듸살뗄뺭펪럧쿕ꆣ좻뛸?쯦ퟅ붨솢쿖듺웳튵훆훘튪뗄틢틥ꆣ뛈뗄뷸돌볓뿬?웳튵쯹폐헟폫뺭펪헟럖샫틔벰평퓚샭싛짏?놾뷡릹뗄퇐뺿뺭샺쇋듓퓧웚듋틽웰뗄솽헟횮볤탅쾢늻뛔돆풽살풽웕뇩?웳튵놾뷡릹샭싛탎돉떽쿖듺놾뷡릹샭싛늻뛏췪짆뗄뗄놾뷡릹믡펰쿬뺭샭죋풱뗄릤ퟷ얬솦쮮욽?듓맽돌ꆣ퓚맺췢?쯦ퟅ??쫀볍??쓪듺틔뫳벤샸샭뛸펰쿬웳튵캴살쿖뷰쫕죫뫍웳튵쫐뎡볛횵?쯹틔싛ꆢ럇뛔돆탅쾢샭싛뗄틽죫?쿖듺놾뷡릹샭싛뗃쎿막볛횵ퟮ듳뮯램뻟폐튻뚨뗄샭싛뻖쿞탔ꆣ쓇쎴떽뷸튻늽췘뿭뫍랢햹ꆣ벤샸샭싛퇐뺿뗄쫇놾뷡죧뫎퓚샭싛짏뫍쪵볹훐뷏뫃뗘뷢뻶웳튵ퟮ폅놾릹폫뺭샭탐캪횮볤뗄맘쾵?죏캪놾뷡릹믡펰쿬뷡릹컊쳢쓘?놾컄틔웳튵쯹폐헟?막뚫?폫뺭펪헟뺭샭뗄릤ퟷ얬솦쮮욽뫍웤쯼탐캪톡퓱?듓뛸펰쿬?뺭샭?듦퓚캯췐ꆪ듺샭맘쾵늢떼훂탅쾢늻뛔돆ꆢ웳튵캴살쿖뷰쫕죫뫍웳튵쫐뎡볛횵ꆣ퓚햮좨죚쯹폐헟뻟폐놾뷡릹뗄뻶닟좨틔벰뺭샭듦퓚님쓤뫍막좨죚뛾헟훐?햮좨죚뛔뺭샭뻟폐룼잿뗄탐뚯뗄뗀뗂럧쿕캪잰쳡?틔믹폚좨틦놾샻죳싊벤샸ퟷ폃???ꆣ떫룃샭싛쎻폐뾼싇떽뢺햮뺭펪쓜뗄막뚫웚췻쫕틦ퟮ듳뮯캪뇪ힼ?퓋폃캯췐ꆪ듺샭릻웈쪹뺭샭얬솦릤ퟷ쯹뢶돶뗄얬솦돉놾ꆣ퓚맺샭싛뎢쫔뷢뻶웳튵ퟮ폅놾뷡릹컊쳢ꆣ쓚?맘폚놾뷡릹샭싛뗄퇐뺿닅룕룕웰늽ꆣ쯯폀쿩??????뛔쯹폐좨ꆢ죚뷡릹폫릫쮾훎샭믺훆뷸뛾ꆢ믹폚좨틦놾샻죳싊뗄탐쇋퇐뺿?죏캪닺좨펰쿬웳튵뗄놾뷡릹???ꆣ쪢웳튵ퟮ폅놾뷡릹솬뚫뫍엡헱뚫??????듓좨틦놾쎿막볛횵뗄뷇??ퟔ??쫀볍??쓪듺틔뫳?컷랽맺볒틔막럝훆뛈?냑쎿막쫕틦ퟮ듳뮯ퟷ캪웳튵ퟮ병놾뷡릹뗄캪훷튪탎쪽뗄쿖듺웳튵훆뛈뗄웕뇩붨솢?웳튵뗄에뛏뇪ힼ?붨솢쇋놾뷡릹뻶닟쒣탍?퇐뺿쇋웳튵훎샭뷡릹랢짺쇋룹놾뇤뮯?쯹폐헟폫뺭펪헟횮볤뗄ퟮ병놾뷡릹???ꆣ룃쒣탍쯹낵몬뗄잰쳡볙짨돶쿖쇋캯췐ꆪ듺샭맘쾵?듦퓚탅쾢늻뛔돆컊쳢ꆣ쫇웳튵뗄쯹폐헟폫뺭펪헟뫏튻?쯹틔늻쓜뷢뻶쯹퓚웳튵놾뷡릹뻶닟쪱?틲캪막좨돯뛔폚뺭샭폐헟폫뺭펪헟뻟폐캯췐ꆪ듺샭맘쾵뗄웳튵뗄ퟮ폅볈쎻폐뛠짙볠뚽뗄풼쫸?폖컞뎥뢶막쾢뗄뺭펪톹놾뷡릹컊쳢ꆣ샮놣뫬뫍퇮뫪횾??????붫뺭샭뗄솦?룟막좨뇈샽죝틗떼훂뺭샭뗄룟뗀뗂럧쿕ꆣퟷ놨돪폫좨틦놾샻죳싊쿠솪쾵?퓋폃캯췐ꆪ듺샭캪캯췐죋뗄쯹폐헟?막뚫?캪쇋쪵쿖ퟔ짭뗄쒿뇪?샭싛?듓뺭샭킧폃ퟮ듳뮯돶랢?붨솢쇋쯹폐헟폫뺭퓚훆뚨뺭샭뗄벤샸뫏춬쪱?훁짙듦퓚솽훖톡퓱?웤펪헟뻟폐캯췐ꆪ듺샭맘쾵뗄웳튵돯뻶닟쒣탍?튻쫇붫뺭샭뗄놨돪폫춶샻죳싊솪쾵웰살?웤뛾늢룹뻝쒣탍뗃떽웳튵뗄ퟮ폅놾뷡릹???ꆣ떫룃쫇붫뺭샭놨돪폫좨틦놾샻죳싊쿠솪쾵?틔폐킧쒣탍쯹낵몬뗄잰쳡볙짨쫇뺭샭뻟폐웳튵돯뗄뻶뗘폕떼뺭샭뎯막뚫샻틦ퟮ듳뮯뗄랽쿲얬솦ꆣ평폚닟좨?퓚쿖쪵훐늻뻟폐웕뇩탔ꆣ뛸쟒?ퟮ폅놾뷡놾컄퇐뺿뗄훷튪컊쳢쫇웳튵뗄ퟮ폅놾뷡릹?쯹릹틀뻝뺭샭킧폃ퟮ듳뮯살뻶뚨?떭뮯쇋막뚫뗄쫕틔?볙뚨쯹폐헟?막뚫?퓚훆뚨뺭샭놨돪뫏춬쪱?냑틦쒿뇪?쯹틔뷡싛뗄펦폃랶캧쫜떽쿞훆ꆣ뺭샭놨돪춬좨틦놾샻죳싊솪쾵웰살ꆣ폚쫇?뺭퓚쪵볊릤ퟷ훐?좷뚨ퟮ폅놾뷡릹춨뎣닉폃샭뗄놨돪뫏춬뿉쏨쫶캪?
놱뺩붻춨듳톧톧놨?짧믡뿆톧냦????????????????????쓪??s?r??ꛁ?ꛂꆤr???ꛒ????t????d?ꛒ??????웤훐?ꛁ캪뺭샭뗄만뚨쫕죫햼뺻닺뗄뇈샽?폫r컞맘??r캪좨틦놾샻죳싊?ꛂ캪믹폚r뗄룸뚨ꛂ?ꛁ?ꛂ??뺭샭뗄벤샸풼쫸틢캶ퟅa??벰ab??벤샸잿뛈쾵쫽?헢샯?ꇜꛂ??ꆣd??쇮ꮅꛘ캪뺭샭뗄놣쇴쫕죫쮮욽?쓇쎴?ퟮ폅뺭샭뗄돉놾냼삨럧쿕돉놾뫍얬솦돉놾ꆣ볙짨b?뺭샭뛔럧쿕뗄퇡뛱뛈캪튻룶뎣쫽ꛑ?ꛑꇝ???룹뻝놾뷡릹컊쳢쫇뷢쿂쇐ퟮ폅뮯컊쳢?maxr?ꛁ?ꛂEUg??ꛁ????ꛂ?ꆤꮀrArrow뗄퇐뺿뷡싛?뺭샭뗄럧쿕돉놾뿉뇭쪾캪?????ꛑV?s?t??IR?EUj?ꛁ?ꛂꆤꮀ?r?ꛑꛂ?ꛒ??ar?s?r???ꛑV?ar?ꛂ?r??ꛑꛂꛒ??????????????뺭샭뗄얬솦돉놾냼삨뺭샭쫜떽벤샸뛸뢶돶뗄?b??a??b??a?ꇝꛘ얬솦돉놾?퓝쟒볲돆캪ꆰ뚯솦얬솦돉놾ꆱ?뫍평폚뢺ꛂd햮뺭펪뛸뢶돶뗄얬솦돉놾?퓝쟒볲돆캪ꆰ톹솦얬솦???IC?a???ab???b?돉놾ꆱ?ꆣ떱웳튵뢺햮뺭펪쪱?볈폐햮좨죋뗄볠뚽웤ퟮ폅뷢싺ퟣ뗄튻뷗쳵볾캪?풼쫸?폖폐뮹놾뢶쾢뗄뺭펪톹솦ꆣ죧맻뺭펪늻짆?b??ꮅx?i????t???de?b?ꛑꛂ?????웳튵뺭펪ힴ뿶뛱뮯?햮좨죋뻍폐좨뛔웳튵뷸탐쟥???t?ꛒ????쯣?쪹뗃웳튵웆닺ꆣ웳튵웆닺쪱?뺭펪헟돐떣틲웆평쪽???뿉횪?닺듸살뗄웳튵횧엤좨즥쪧ꆢ짧믡쏻폾ꆢ뗘캻뗄붵뗍ꋙdeꇝ??ꮅx?iꇝꛑꛂ????t?ꛒ???쮵쏷웳튵뢺뗈럇뷰잮랽쏦뗄돉놾ꆣ틲듋?뢺햮쓜릻듙쪹웳튵햮뺭펪뗄쳵볾쫇ꮅx?ꛑꛂ????t?ꛒ???iꆣ뗄뺭샭얬솦릤ퟷ듓쫂킧싊뺭펪ꆣ볙짨틲벤샸듙쪹ꋚ웳튵뗄ퟮ폅놾뷡릹폫웚췻펪튵샻죳싊ꆢ뺭샭뢶돶뗄얬솦돉놾캪c?a???cꇤ?a?????헢샯펪튵럧쿕ꆢ햮컱샻싊ꆢ쯹뗃쮰싊ꆢ뺭샭뛔럧쿕뗄퇡a?뇭쪾폫벤샸잿뛈폐맘뛸폫놾뷡릹컞맘뗄늻뛱돌뛈ꆢ뛔뺭샭뗄벤샸잿뛈ꆢ뢺햮웈쪹뺭샭뢶돶얬뿉맛닢뗄얬솦쮮욽?틲뢺햮뺭펪웈쪹뺭샭뢶돶뗄얬솦돉놾캪c?a???cꇤ?a?????헢샯a?뇭쪾폫뢺솦뗄돉놾쾵쫽폐맘ꆣ평?de?de?ꮅ??ꆢ?dex?ꛒ???ꆢ????ꆢi햮뺭펪폐맘뗄늻뿉맛닢뗄얬솦쮮욽ꆣ캪쇋볲뮯웰?de볻???뇭쏷?퓚웤쯻쳵볾늻뇤뗄쟩뿶쿂?웳튵ퟮt?짨r?a??a??ꛈ?웤훐?ꛈ쫇뻹횵캪?ꆢ랽닮뗈폚ꛒ?뗄헽첬럖늼쯦믺뇤솿?듺뇭췢짺뗄늻좷뚨틲폅놾뷡릹?벴ퟮ폅뢺햮ꆪ좨틦뇈?쫇막뚫풤웚펪튵샻죳싊뗄퓶몯쫽?쫇펪튵럧쿕ꆢ햮컱샻싊ꆢ쯹뗃쯘??????c?a???b??a??c?a???b??a??헢샯b?뇭쪾퓚벤샸잿뛈캪ꛂ쪱뺭샭뗄얬솦돉놾쾵쫽쮰싊뗄복몯쫽ꆣ평?de?ꛑ??벰?de???뇭쏷?퓚웤?b??b????b?뇭쪾틲뢺햮뺭펪룸뺭샭듸살뗄얬솦돉놾쾵쯻쳵볾늻뇤뗄쟩뿶쿂?뺭샭뗄쓜솦풽잿?퓲풽늻캷쫽????b????ꆣ뻥럧쿕?톡퓱뷏룟뗄뢺햮ꆪ좨틦뇈뛔뺭샭폐뷏듳폚쫇?뺭샭뗄킧폃몯쫽캪?뗄벤샸ꆣ떱ꛂ??쪱?de??ꛂ??뇭쏷?퓚웤쯻쳵볾늻Uj?ꛁ?ꛂꆤ?r?ꛑꛂ?ꛒ??뇤뗄쟩뿶쿂?퓶볓벤샸잿뛈?복짙뢺햮ꆪ좨틦뇈뛔?뺭샭폐뷏듳뗄벤샸?붵뗍벤샸잿뛈?퓶볓뢺햮ꆪ좨????b?a??b?a???틦뇈뛔뺭샭폐뷏듳뗄벤샸ꆣ막뚫뗄웚췻킧폃뗈폚웚췻쫕죫캪?죽ꆢ뷡??싛EUg?E?r?s?r????ꛁ????ꛂ?ꮀr??짨웳튵쯹뗃쮰캪t?t????웳튵춨맽랢탐웕놾컄훷튪퓋폃캯췐ꆪ듺샭샭싛?듓막뚫웚췻춨막욱폫뢺햮솽훖랽쪽돯?뢺햮ꆪ좨틦뇈캪d?쫕틦ퟮ듳뮯쒿뇪돶랢?붫뺭샭뗄놨돪폫좨틦놾헢샯dꇝ?ꆣ햮컱샻싊캪i?웳튵뗄풤웚뺭펪샻죳뗄샻죳싊쿠솪쾵?춬쪱튲럖컶쇋뺭샭뺭펪뗄럧쿕싊캪x?웳튵뗄풤웚펪튵샻죳싊뗄웚췻횵캪ꮅx?뇪돉놾벰뺭샭얬솦돉놾뗄늻춬릹돉?붨솢웳튵돯ힼ랽닮캪ꛒ??좨틦놾샻죳싊뗄웚췻횵벰웤뇪ힼ뻶닟뗄벤샸풼쫸쒣탍ꆣ춨맽쒣탍뗃떽웳튵ퟮ폅닮럖뇰캪ꮀrꆢꛒ?퓲?놾뷡릹?럖컶쇋펰쿬ퟮ폅놾뷡릹뗄틲쯘?뗃떽죧ꮀr?ꮅx???t???ꮅx?i????t?d???쿂뷡싛?
뗚?웚????????????컢?뗈?믹폚좨틦놾샻죳싊뗄웳튵ퟮ폅놾뷡릹럖컶??뷡싛튻?퓚캯췐ꆪ듺샭맘쾵쿂?웳튵뢺햮뺭펪쮾뗄훷튪듳막뚫쫇평풭훷맜늿쏅냾샫돶살뗄풭맺뗄쳵볾쫇ꮅx?ꛑꛂ????t?ꛒ???iꆣ뛸퓚늻듦퓚캯췐폐웳튵?쇭췢뮹폐튻늿럖캪맺폐닺맜샭뻖듺캪ꆪ듺샭맘쾵뗄쟩탎쿂?튻냣뗄럖컶죏캪웳튵뢺햮맜샭뗄맺볒막?헢솽훖막좨햼짏쫐릫쮾ퟜ막좨뗄뺭펪뗄튻냣쳵볾쫇x?i?벴펪튵샻죳싊뗄웚췻횵뇈샽ퟮ듳ꆣ퓚헢훖막좨뷡릹ힴ첬쿂?벴쪹웳튵뢺듳폚햮컱샻싊ꆣ쯹틔?폫늻듦퓚캯췐ꆪ듺샭맘쾵햮뺭펪ힴ뿶늻뫃?웆닺뗄뿉쓜탔튲뫜킡ꆣ틲캪릫쿠뇈?캯췐ꆪ듺샭맘쾵쿂웳튵뢺햮뺭펪뗄쳵볾룼쮾뺭샭듳뛠쫽볈쫇릫쮾뗄뺭펪헟폖뻟폐쿠펦뗄탐퇏룱?늢쟒쯦ퟅ뺭샭뛔럧쿕퇡뛱돌뛈믲벤샸잿뛈헾벶뇰?벴쪹뺭샭뺭펪늻짆떼훂웳튵웆닺쪱?뺭펪뗄퓶듳뛸룼볓퇏룱ꆣ퓚쪵볊펦폃훐?막뚫쿈룹뻝헟뫜짙돐떣틲웆닺듸살뗄웳튵횧엤좨즥쪧ꆢ짧믡풤웚펪튵샻죳뗄웚췻횵ꆢ뇪ힼ랽닮ꆢ뺭샭뛔럧쿕뗄쏻폾ꆢ뗘캻붵뗍뗈럇뷰잮랽쏦뗄돉놾ꆣ횤좯쫐뎡퇡뛱돌뛈ꆢ뛔뺭샭뗄벤샸잿뛈ꆢ쯹뗃쮰싊벰햮컱샻늻췪짆?볓짏뺭샭죋쫐뎡늻엤쳗?웳튵뢺햮뺭펪룸싊뗄횵?볆쯣늢뇈뷏ꮅx폫ꛑꛂ????t?ꛒ???i뗄듳킡뺭샭뗄풼쫸솦첫킡?쫇컒맺짏쫐릫쮾듳막뚫잿쇒뫳뻶뚨쫇럱뢺햮뺭펪ꆣ욫뫃막좨죚뗄풭틲횮튻ꆣ틲듋펦췪짆횤좯쫐뎡뷡싛뛾?퓚캯췐ꆪ듺샭맘쾵쿂?웳튵뗄ퟮ폅쳥훆?뺡뿬붨솢뫍맦랶맺볒뿘막짏쫐릫쮾뺭샭죋놾뷡릹폫웚췻펪튵샻죳싊ꆢ펪튵럧쿕ꆢ햮컱샻싊ꆢ쫐뎡?쪹컒맺짏쫐릫쮾뗄놾뷡릹뗃틔폅뮯ꆣ쯹뗃쮰싊ꆢ뺭샭뛔럧쿕뗄퇡뛱돌뛈ꆢ뛔뺭샭뗄벤샸ퟛ짏쯹쫶?폫쯹폐헟폫뺭펪헟늻듦퓚캯췐ꆪ잿뛈ꆢ뢺햮웈쪹뺭샭뢶돶얬솦뗄돉놾쾵쫽폐맘ꆣ듺샭맘쾵뗄웳튵쿠뇈?캯췐ꆪ듺샭맘쾵쿂웳튵뢺퓚웤쯻쳵볾늻뇤뗄쟩뿶쿂????ퟮ폅놾뷡릹쫇막햮뺭펪뗄쳵볾뷏퇏룱?평폚뾼싇쇋뛔뺭샭뗄벤샸뚫뗄풤웚펪튵샻죳싊뗄퓶몯쫽?쫇펪튵럧쿕ꆢ햮컱풼쫸?캯췐ꆪ듺샭맘쾵쿂웳튵ퟮ폅놾뷡릹뗄펰샻싊ꆢ쯹뗃쮰싊뗄복몯쫽ꆣ???뺭샭뗄쓜솦풽잿?쿬틲쯘룼뛠?샭싛짏룼쟷뿆톧?퓚쪵볊훐?튲쫇뿉퓲풽늻캷뻥럧쿕?톡퓱뷏룟뗄뢺햮ꆪ좨틦뇈뛔뺭닙ퟷ뗄?컒맺횤좯쫐뎡늻췪짆ꆢ짏쫐릫쮾막좨뷡릹샭폐뷏듳뗄벤샸ꆣ???퓶볓벤샸잿뛈?복짙뢺햮ꆪ뗄늻뫏샭틔벰뺭샭죋쫐뎡늻맦랶쫇떼훂컒맺짏쫐좨틦뇈뛔뺭샭폐뷏듳뗄벤샸?붵뗍벤샸잿뛈?퓶볓릫쮾룼쟣쿲폚막좨죚쿖쿳뗄풭틲횮튻ꆣ뢺햮ꆪ좨틦뇈뛔뺭샭폐뷏듳뗄벤샸ꆣ퓚쪵볊펦폃훐?튻냣쟩뿶쿂?햮컱샻싊ꆢ쯹뗃쮰싊쫇틑횪뗄?퓚닎뾼컄쿗?쒳튻쪱웚쓚?튻캻뺭샭뛔럧쿕뗄퇡뛱돌뛈틔벰뛔???GrossmanS?HartO?CorporateFinancialStructureand?뢺햮뺭펪웈쪹웤뢶돶얬솦돉놾뗄쾵쫽쫇컈뚨뗄뫍ManagerialIncentive?M??Chicago?Universityof뿉닢뛈뗄?막뚫뿉룹뻝펪튵샻죳싊뗄웚췻횵ꆢ뇪ힼChicagoPress??????????????랽닮틔벰뛔뺭샭뗄벤샸잿뛈뗈닎쫽?볆쯣뗃돶웳???쯯폀쿩?쯹폐좨ꆢ죚뷡릹폫릫쮾훎샭믺훆?J??뺭볃?튵퓚쒳튻쪱웚뗄ퟮ폅놾뷡릹ꆣ퇐뺿????????????????뷡싛죽???쪢솬뚫?엡헱뚫?웳튵ퟮ폅놾뷡릹뻶닟쒣탍?J??닆??죧맻뢺햮뺭펪뛔뺭샭뗄풼쫸솦뫜킡?쓇쎴막뚫듦퓚뛔막좨죚뗄잿쇒욫뫃ꆣ뻝춳볆뺭샭싛폫쪵볹??????????????????????샮놣뫬?퇮횾뫬?캯췐ꆪ듺샭맘쾵쿂뗄웳튵돯뻶닟?????쓪뗗?컒맺짏쫐릫쮾뗄막뚫좨틦뇈????쓪쒣탍?J??쫽톧뗄쪵볹폫죏쪶????????????????퓶뎤쇋???????뛸춬웚뢺햮ퟜ뛮뷶퓶뎤쇋??????ArrowK?TheEconomicsofAgency?M??Boston?Har?????ꆣ듓????ꆫ????쓪?짏쫐릫쮾룷쓪뗗닺뢺vardBusinessSchoolPress????????????햮싊럖뇰캪??????ꆢ??????뫍????돊훰쓪쿂???헅캬펭?늩?싛폫탅쾢뺭볃톧?M??짏몣?짏몣죋쏱돶?붵쟷쫆?뛸막좨죚뇈샽좴훰늽삩헅???ꆣ헢튻뷡냦짧?짏몣죽솪쫩뗪??????????싛헽뫃쓜뷢쫍컒맺짏쫐릫쮾룼쟣쿲폚막좨죚뗄???쿄뾡죙?쿖듺놾뷡릹샭싛뗄랢햹퇐뺿벰웴쪾?J??닆?쿖쿳ꆣ퓚컒맺뗄짏쫐릫쮾훐?튻랽쏦뫜뛠짏쫐릫헾컊쳢퇐뺿?????????????????퓰죎뇠벭?헅퇅쟯?
