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1、AgencyProblemsandtheTheoryoftheFirmAuthor(s):EugeneF.FamaSource:JournalofPoliticalEconomy,Vol.88,No.2(Apr.,1980),pp.288-307Publishedby:TheUniversityofChicagoPressStableURL:http://www.jstor.org/stable/1837292.Accessed:17/10/201107:12YouruseoftheJSTORarchiveindic
2、atesyouracceptanceoftheTerms&ConditionsofUse,availableat.http://www.jstor.org/page/info/about/policies/terms.jspJSTORisanot-for-profitservicethathelpsscholars,researchers,andstudentsdiscover,use,andbuilduponawiderangeofcontentinatrusteddigitalarchive.Weuseinfor
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4、www.jstor.orgAgencyProblemsandtheTheoryoftheFirmEugeneF.FamaUniversityofChicagoThispaperattemptstoexplainhowtheseparationofsecurityown-ershipandcontrol,typicaloflargecorporations,canbeanefficientformofeconomicorganization.Wefirstsetasidethepresumptionthatacorpo
5、rationhasownersinanymeaningfulsense.Theentre-preneurisalsolaidtorest,atleastforthepurposesofthelargemoderncorporation.Thetwofunctionsusuallyattributedtotheentrepreneur-managementandriskbearing-aretreatedasnatu-rallyseparatefactorswithinthesetofcontractscalledaf
6、irm.Thefirmisdisciplinedbycompetitionfromotherfirms,whichforcestheevolutionofdevicesforefficientlymonitoringtheperformanceoftheentireteamandofitsindividualmembers.Individualpartici-pantsinthefirm,andinparticularitsmanagers,faceboththedisciplineandopportunitiesp
7、rovidedbythemarketsfortheirser-vices,bothwithinandoutsidethefirm.Economistshavelongbeenconcernedwiththeincentiveproblemsthatarisewhendecisionmakinginafirmistheprovinceofmanagerswhoarenotthefirm'ssecurityholders.'Oneoutcomehasbeenthedevelopmentof"behavioral"and"
8、managerial"theoriesofthefirmwhichrejecttheclassicalmodelofanentrepreneur,orowner-ThisresearchissupportedbytheNationalScienceFoundation.RogerKormendihascontributedmuch,andthe
