摘要
研究债权人的代理成本量化问题,从上市公司管理层的代理行为对债权人利益造成直接与间接侵害的角度来分析债权人代理成本,主要包括策略性违约、债权稀释、资产替代、投资不足导致的代理成本4个方面。通过每一种代理成本的计算公式,具体分析每一种侵害行为对债权人代理成本的影响程度,最终将4个方面的代理成本汇总,即为债权人总的代理成本。
The quantification is studied of agency costs of creditors. The agency costs are analyzed from perspective of agent acts of top management of listed company infringing interests of creditors directly and indirectly. The infringements include four aspects, namely, the strategic default, the debt dilution, the asset substitution, and the underinvestment. Through the formulas of computation of each kind of agency cost, the influence degree of each infringing action on creditors is analyzed concretely, and then the agency costs of these four aspects are summarized, which is the total agency cost of creditors.
出处
《沈阳工业大学学报（社会科学版）》
2011年第2期102-104,共3页
Journal of Shenyang University of Technology(Social Sciences)
基金
辽宁省教育厅基金资助项目(W2010306)
关键词
上市公司
债权人
代理成本
策略性违约
债权稀释
资产替代
投资不足
listed company
creditor
agency cost
strategic default
debt dilution
asset substitution
underinvestment
