[용어] agency theory

※ 발췌 (excerpts):


출처 1: http://www.investorwords.com/6398/agency_theory.html

A theory explaining the relationship between principals, such as a shareholders, and agents, such as a company's executives. In this relationship the principal delegates or hires an agent to perform work. The theory attempts to deal with two specific problems: first, that the goals of the principal and agent are not in conflict (agency problem), and second, that the principal and agent reconcile different tolerances for risk.

용례: "According to the agency theory, the delegation of certain tasks to other parties is beneficial to shareholders and the administration alike.:


출처 2: http://tip.daum.net/openknow/48720153

젠센(Jensen)과 맥클링(Meckling)에 의해 1976 년에 제기된 이론으로 기업과 관련된 이해관계자들의 문제는 기업내의 계약관계에 의하여 이루어진다는 이론이다. 대리인관계는 한 사람 이상의 사람들이 정해진 범위 내에서 의사결정권을 자신들을 대신하는 다른 사람에게 의뢰함으로써 이루어지는데, 이들간에는 정보의 불균형, 감시의 불완전성 등으로 도덕적 위험이나 무임승차 문제, 역선택의 문제가 발생할 소지가 있어, 이러한 제반 문제점을 극소화하기 위해서는 대리인비용이 수반된다는 것이다.  ( ... ... )


출처 3: http://www.yonhapnews.co.kr/stock/2011/09/05/1309000000AKR20110905066400009.HTML

복잡한 경제현상을 단순화시켜 수학적 모델에 끼워 맞춘 잘못된 금융공학 이론들이 비즈니스스쿨에서 버젓이 가르쳐지고 있으며 이런 이론의 신봉이 2008년 금융위기를 초래한 한 원인이라는 주장이 제기됐다. 스위스 국제경영개발연구원(IMD)의 디디에 코생 교수는 5일 파이낸셜타임스(FT)에 기고한 글을 통해 이같이 주장했다.

( ... ... ) 시장 가격의 결정과 기업의 의사결정이 하나의 금융이론을 따르도록 정형화될 수 없음에도 불구하고 오늘날의 금융 이론들은 이러한 복잡성을 도외시하고 있다는 것이 코생 교수의 주장이다. 그는 대표적인 예로 1958년 발표된 모딜리아니-밀러(MM)의 기업금융에 관한 정리를 꼽았다. MM정리는 금융시장이 기업과 규제당국, 정부의 의사결정을 대신하는 역할을 할 수 있다는 생각을 기초로 한다. 전세계 금융시장이 급성장한 데는 MM정리가 크게 기여했으며 금융시장 참가자들의 인식에도 지대한 영향을 미쳐왔다. 그러나 이 정리는 2008년 금융위기의 원인이었던 서브프라임모기지(비우량 주택담보대출)의 부실이 시장 전체를 뒤흔들게 하는 결과를 가져온 것도 사실이다.

( ... ... ) MM정리와 같이 결함을 지닌 이론들은 무수히 많은데, 블랙-숄즈 옵션가격결정모형과 대리인 이론(agency theory) 등도 복잡한 의사결정 과정을 단순화하는데 바탕을 둔 금융모델들이다.


출처 4: The Agency Theory in Financial Management

In an agency relationship, one party, called the agent, makes decisions and acts on behalf of another, called the principal. The agency theory attempts to summarize and solve problems arising from the relationship between a principal and an agent ( ... ... ).

The problem around which the agency theory revolves describes the main challenge of agency relationships: reconciling two distinct sets of personal goals. In an agency relationship, agents are required to work toward meeting principals' goals, yet it is the agents' own goals that drive them to succeed on behalf of their principals. In order for an agency relationship to be mutually beneficial, both parties' goals must be addressed within a climate of compromise, but with the understanding that meeting the principal's goals is the primary function of the relationship. To this end, it is vital that information be shared freely and openly between the two parties so agents are always clear on their principals' priorities and principals are always aware of their agents' decisions and actions.

In the world of finance, some agency relationships are fiduciary, meaning that agents are legally required to act in the interest of their principals. Fiduciary responsibilities formalize an agency relationship and provide greater security for principals. In the case of a financial planner who holds power of attorney for an individual client, for example, that planner has the right to conduct financial transactions on behalf of the individual without his consent or awareness. In this example, the financial planner is legally required to make decisions solely in the best interest of his client, rather than doing things with his clients' money simply for his own personal gain.


출처 5: http://financial-dictionary.thefreedictionary.com/Agency+theory

The study of the relationship between an agent (such as a broker) and a principal (such as a client). Agency theory seeks to explain the relationship in order to recommend the appropriate incentives for both parties to behave the same way, or more specifically, for the agent to have the incentive to follow the principal's direction. Agency theory also seeks to reduce costs in disagreements between the two.


출처 6: http://what-when-how.com/finance/agency-theory-finance/


출처 7: http://sevenpillarsinstitute.org/morality-101/agency-theory/agency-theory

Agency Theory explains how to best organize relationships in which one party determines the work while another party does the work.  In this relationship, the principal hires an agent to do the work, or to perform a task the principal is unable or unwilling to do.  For example, in corporations, the principals are the shareholders of a company, delegating to the agent i.e. the management of the company, to perform tasks on their behalf.  Agency theory assumes both the principal and the agent are motivated by self-interest. This assumption of self-interest dooms agency theory to inevitable inherent conflicts.  Thus, if both parties are motivated by self-interest, agents are likely to pursue self-interested objectives that deviate and even conflict with the goals of the principal.  Yet, agents are supposed to act in the sole interest of their principals.

To determine when an agent does (and does not) act in their principal’s interest, the standard of “Agency Loss” has become commonly used. ( ... ... )

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