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Ethical Study on Agency Cost of Chinese Modern Enterprises

Author: YuYun
Tutor: HeXiaoYing
School: Nanhua University
Course: Ethics
Keywords: Agency Cost Utility view of righteousness and profit
CLC: B82-053
Type: Master's thesis
Year: 2012
Downloads: 31
Quote: 0
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Abstract


Many modern enterprises emerged through reform and innovation in the tide ofreform and open. Share-holding system is the basic organization form of theseenterprises. In the process of establishment and constant improvement of modernenterprise system, new problems arise as well. The appearance and control of agencycost is one of them. There have been many economic studies and discussions on it sofar, and gained the conclusion that it is formed by three parts: the monitoring costs bythe client, the guarantee costs by the agent, the residual loss. It means too much forthe construction and development of Chinese modern enterprises to find the root ofagency cost. As a solution, the perfection of contract from incentive and constraintmight be a good choice. But we think it’s not enough for us to solve this kind ofproblem completely, it might just be a temporary solution. The way to control costmay begin with the studies on the nature of human beings. So we focus on thedifferences between the client and the agent, and from the ethical point of view toanalyze this. By combining Chinese and western research outcome of ethics, thepassage holds that the main maximal desire is the polybasic pursuit collection basedon self economic interests. By the analysis of the theory of economics and ethics, thisarticle put forward its own opinion on how to control enterprise agency costs: makingthe agent think as the principal, never hurt the principal when he work for himself. Itwill be helpful for us to solve the problem of Agency Cost. We discuss the basics andthe principals of the way to solutions. As a result, if we can make the agent set up thecorrect conception of righteousness and profit together with the exterior integritymechanism and the establishment and improvement of law rules, meanwhile tomaximize the agent in the pursuit of his own interests and develop a high degree ofself-discipline, its aim is to achieve the agents’ interests not at the expense of theclients’ interests. Finally it must result in reducing the clients’ supervision cost and theagents’ compensations because of their breaking the contracts, also reducingeffectively the enterprises’ value cost. Therefore, this passage focuses on therelationship between clients and agents, especially the agents’ behavior choice. It alsoanalyzes this from the ethical angle. While the establishment of view of righteousnessand profit guiding the agents’ value concept must have profound ethical origins andintension. So we seek out reasonable intension from Chinese traditional culture and reasonable rational egoism along with socialism view of righteousness and profit. Itholds that the agents should build this view of righteousness and profit that gentlemanwho loves money makes it legally. On the basis of obeying moral self-discipline andheteronomy, honesty credit principle, people as foundation and moral principle, thearticle puts forward the following theories: set up right view of righteousness andprofit to guide the agent; establish honesty system to check and balance the agent;improve law system to confine them. By three aspects we can try to solve theenterprise agent cost problem.

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CLC: > Philosophy, religion > Ethics ( moral philosophy ) > Ethical theory and methodology > Ethics and science > Moral and economic
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