Agency cost
- Moral Hazard Problem
- Adverse Selection
Agency theory
Agency theory is a set of ideas on organizational control based on the belief that the separation of the ownership from management creates the potential for the wishes of owners to be ignored.
중략
Case study - 1
unrelated business
Most of growth due to a series of acquisitions
that were unrelated business.
Ⅰ. 은행의 역할
1. 거래비용(contract cost) 및 대리인문제(agency problem)의 감소
은행차입금은 자본구조에 있어 거래비용을 감소시키는 전략적 역할을 수행(specialized wedge)한다고 Fama(1990)는 주장하였다. 일반적으로 소유와 경영의 분리에 따른 경영권의 전문화(specialization)는 대리인문제를 야기시키게 되
I. Introduction
1. The reason of selecting the agency
Before introducing the organization, we would like to talk about the reason why we have selected MPVA (Ministry of Patriots and Veterans Affairs). It is because we have an academic curiosity towards MPVA. We have wondered what kinds of problems, leadership styles and motivation would be occurred in the organization where young-aged groups
현대 기업에서는 불특정 다수의 투자자에게 자본이 분산됨으로써 소유(Ownership)와 경영(Management)이 분리된다.
현대 기업에서는 모든 주주(Principal)가 경영에 직접 참여할 수 없으므로, 경영자(Agent)를 고용하여 경영을 위임한다. 이에 따라 주주와 경영자간의 대리인 문제(Agency Problem)가 필연적으로 발생
Credit Rating Agency
A credit rating agency (CRA) is a company that
assigns credit ratings for
-issuers of certain types of debt obligations
-the debt instruments themselves
-even a country.
Three major global credit rating agencies
- Standard & Poor’s (S&P)
- Fitch IBCA
- Moody’s
credit rating
*Moody’s
21 levels (Aaa~C), If the level is lower t