agency cost的意思|示意

Agency cost is a concept used in economics to explain the costs associated with having a third-party institutional agent act on behalf of a principal, usually a shareholder or a company. It is the price of having an agent work to serve the interests of the principal.

The concept of agency cost was first developed by the economist Stewart Myers in 1984. He argued that when the interests of the principal and the interests of the agent are misaligned, the principal incurs costs due to the agent's incentives and the costs of monitoring the agent's behavior. For example, when a company hires a manager or director to oversee the company's activities, there is potential for the manager's interests to be different from those of the company. In such a case, the company may incur costs associated with ensuring that the manager's actions are in line with the company's interests and that the manager is acting in the best interest of the company.

The costs associated with agency cost can vary widely depending on the nature of the relationship between the principal and the agent. For example, a company may have to pay higher wages and non-wage benefits to ensure that its agents are acting in the company's best interests. Alternatively, the company may have to pay performance-related bonuses or commissions to motivate the agents to work in the company's best interests. Finally, the company may need to invest in monitoring systems and systems of accountability to ensure that the agents are acting in the best interest of the principal.

In conclusion, agency cost is a concept used in economics to explain the costs associated with having a third-party agent act on behalf of a principal, such as a shareholder or a company. These costs can vary widely depending on the nature of the relationship, and can include higher wages, bonuses, and monitoring systems.