Close Corporations and Agency Costs
Close Corporations and Agency Costs
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关闭公司和代理成本
DOI：
10.2307/1228697
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发表时间：
1986
影响因子：
4.9
通讯作者：
D. Fischel
中科院分区：
文献类型：
--
作者：
F. Easterbrook;D. Fischel
近年来，对上市公司的经济分析呈爆炸式增长。然而，很少有人注意到更常见的公司组织形式，即股份有限公司。封闭式公司和公众持股公司之间有着根本的区别。风险承担和管理在公众持股的公司中是分开的，而在封闭持股的公司中则不然。这种职能分离的存在或不存在决定了这两类公司中形成的治理机制。
The economic analysis of publicly held corporations has exploded in recent years. Yet there has been little attention to the more common corporate form of organization, the closely held corporation.2 This is not because one analysis will cover both. There is a fundamental difference between closely and publicly held corporations. Risk bearing and management are separated in publicly held but not in closely held corporations. The presence or absence of this separation of functions determines the governance mechanisms that have evolved in the two types of firms.3