This article essentially thinks the western traditional principal-agent theory is a kind of corporate governance theory aimed at the companies with the main character of diversified equity. Obviously it is not fit for being used as the analysis framework of the governance problem of the companies with the main character of the relatively concentrated equity or highly concentrated equity. For that matter, the article indicates that, for the companies with the main character of the relatively concentrated equity or highly concentrated equity, the explaining power of double principal-agent theory is stronger. In other words, it is more favorable to reduce the double agency costs of those companies and realize the maximization of all the stockholders' interest of the companies. This article, finally, discusses how to further perfect the corporate governance of Chinese state-owned overseas companies based on the double principal-agent theory.
展开▼
