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1、JournalofFinancialEconomics3(1976)305-360.QNorth-HollandPublishingCompanyTHEORYOFTHEFIRM:MANAGERIALBEHAVIOR,AGENCYCOSTSANDOWNERSHIPSTRUCTUREMichaelC.JENSENandWilliamH.MECKLING*UniversityofRochester,Rochester,NY14627,U.S.A.ReceivedJanuary1976,revisedversionreceivedJuly1976Thispaperintegrateselement
2、sfromthetheoryofagency.thetheoryofpropertyrightsandthetheoryoffinancetodevelopatheoryoftheownershipstructureofthefirm.Wedefinetheconceptofagencycosts,showitsrelationshiptotheseparationandcontrolissue,investigatethenatureoftheagencycostsgeneratedbytheexistenceofdebtandoutsideequity,demon-stratewhob
3、earsthesecostsandwhy,andinvestigatetheParetooptirnalityoftheirexistence.Wealsoprovideanewdefinitionofthefirm,andshowhowouranalysisofthefactorsin-fluencingtht-creationandissuanceofdebtandequityclaimsisaspecialcaseofthesupplysideofthecompletenessofmarketsproblem.Thedirectorsofsuch[joint-stock]compan
4、ies,however,beingthemanagersratherofotherpeoplesmoneythanoftheirown,itcannotwellbeexpected,thattheyshouldwatchoveritwiththesameanxiousvigilancewithwhichthepartnersinaprivatecopartneryfrcqucntlywatchovertheirown.Likethestewardsofarichman,theyareapttoconsiderattentiontosmallmattersasnotfortheirmaste
5、rshonour,andveryeasilygivethcmsclvcsadispensationfromhavingit.Negligenceandprofusion,there-fore,mustalwaysprevail,moreorIcss,inthemanagementoftheaffairsofsuchacompany.AdamSmith.TireW&rhofNdutrs,1776,CannanEdition(ModernLibrary,NewYork,1937)p.700.I.IntroductionandsummaryInthispaperWCdrawonrecentpro
6、gressinthetheoryof(1)propertyrights,(2)agency,and(3)financetodevelopatheoryofownershipstructureforthelAssociakzProfessorandDean,respectively,GraduateSchoolofManagement,UniversityofRochester.AnearlierversionofthispaperwaspresentedattheConferenceonAnalysisandIdeology,Inlcrlaken,Switzerland,June1974,
7、sponsoredbytheCenterforResearchinGovernmentPolicyandBusinessattheUniversityofRochester.GraduateSchoolofManage-ment.WeareindcbtcdIOI.Black,E.Mama,R.Ibbotson,W.Klein,M.Rozeff,R.Weil,0.Williamson.ananonymousrcfcrcc,
