CAJ | 학술논문

标准化的委托代理模型并未对代理人类型差异问题进行针对性研究。本文从代理人机会主义倾向存在程度差别的现实判断入手．对基于代理人类型差异的委托代理治理问题进行了尝试性分析。通过对标准化委托代理模型的简要评价以及拓展分析．我们从理论层面证明，区分代理人类型的合约机制．对抑制代理人机会主义倾叼义而提高委托人可保证收入或剩余收益等方面具有比较优势。论文利用中国上市公司数据对主要结论所做的实证检验发现．大多数上市公司偏好从内部选择代理人．这种状况在一定程度上显示．从内部选择代理人的决策在短期内有可能提高企业资本投入的回报率。
표준화적위탁대리모형병미대대리인류형차이문제진행침대성연구。본문종대리인궤회주의경향존재정도차별적현실판단입수．대기우대리인류형차이적위탁대리치리문제진행료상시성분석。통과대표준화위탁대리모형적간요평개이급탁전분석．아문종이론층면증명，구분대리인류형적합약궤제．대억제대리인궤회주의경조의이제고위탁인가보증수입혹잉여수익등방면구유비교우세。논문이용중국상시공사수거대주요결론소주적실증검험발현．대다수상시공사편호종내부선택대리인．저충상황재일정정도상현시．종내부선택대리인적결책재단기내유가능제고기업자본투입적회보솔。
The standard model of principal and agency didn＇t do special study on the issue of type difference of agent, based on the realistic jugdement of the degree of the agent＇s opportunism, this paper do a trial study on the governance of the issue of principal and agency founded on type difference of agent. Through the brief appraisal and expanded analysis of the standard model of principal and agency, we prove on a theoretical view that the contract based on the type of agent has comparative advangtage in the restraining the agent＇s opportunism and rising the principal＇s pledgeable income. The empirical study based on the data of the Chinese listed companies tells us that most listed companies has strong clination to choose agents within companies, and the decision of choosing interior agent is in favor of rising the return of capital input in a short run.