术语“委托-代理问题”的详细信息

英译术语:

principle-agent problem

汉语语境:

我们探讨了公司治理的主权财富基金，并提出了在公有制的框架下一个制度化的委托-代理问题模式。与其他国有资产管理机构相比，主权财富基金有几个特点，如国有资产，多元化的投资目的，投资长地平线，受到政府的严重影响，以及信息有限等。研究发现，主权财富基金公司治理中最主要的问题在于激励约束机制的设计，以及存在保障该机制有效运行的制度环境。随着制度建设的深化，主权财富基金的风险敞口和代理成本逐渐降低，从而有望改善公司治理。

英语语境:

We explores corporate governance in Sovereign Wealth Funds and puts forward an institutionalized model of principle-agent problem under the framework of public ownership. Compared to other state-owned assets management institutions, SWFs have several characteristics, such as state-owned assets, diversified investment purposes, long investment horizon, heavily influenced by government, and limited information, etc. It is found that the primary element in SWF′s corporate governance lies in an incentive and resfraining mechanism and a favorable institutional environment. Risk exposure in SWF is expected to shrink with improvement in institutional environment, which in turn would save agent costs and improve corporate governance as well.