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:2003-07-07:1001-148X(2004)19-0098-03(,610064):,,,:;;:F270:AOnPrincipal-agentTheoryDAIZhong-liang(SchoolofEconomics,SichuanUniversity,Chengdu610064,China)Abstract:Theprincipal-agenttheoryisavitalpartoftheenterprisetheory,andprincipal-agentproblemisalsoahitinthereformofstate-ownedenterprises.Thecoreofthetheoryistoreducetheagencycostcausedbytwofactors:asymmetricinformationandinterestsconflictbetweenprincipalsandagents.Forreducingagencycost,therearetwodif2ferentapproaches:EmpiricalagenttheoryandPrincipal-agenttheory.Boththeorieshavetheirdifferentcharacteristicsandeffects.Keywords:principal-agentrelationship;empiricalagenttheory;principal-agenttheory206070,,,,()18,,,,19,,,,,,,,,,,,,(),BertMeans:,Chandler,,,,()(),,,(),,:,,,2070,2004/19303COMMERCIALRESEARCH,:,,,,AlchianDemsetzJensenMecking;,,,,WilsonSpenceRossHart,,,(),,JensenMecking(1976):,JensenMecking,,,,JensenMecking,JensenMecking,,,,,,,JensenMeckingAlchianDemsetz,(1);(2),;(3),,,,,,:(1),,(2),,,()Ross1973,()(),,,,,Mirrless(197419751976),,,e(),e(),=(e,)e,S,,S=S()C,e,C=C(e)V=V(-S())U=U(S()-C(e)),,;,,,:(1),;(2),(),,;,,,;,,,,,99303::(1),,,,;(2),,,,,,:1,,,,,,,,,,,,,,2,,,,,,,,,,,,3,,Jensenmeckling,,,,4,,,AllenLueck,,,,GrossmanHart(1983),,,,,,,,,(1),;(2),,,,,,,,:1.C.:,,1999.2.M.:,1999.3,.J.,2001,(8).4.J.,2000,(1).5,.J.,2002,(3).6.M.:,,2001.(:):,,,,,,,100-3000012004/19