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公司价值由公司未来各年净现金流量和加权平均资本成本决定,而由于股权与经营权分离产生的委托代理成本会降低公司的价值。本文旨在研究不同高管薪酬制度对委托代理问题的解决程度,进而对公司价值产生的影响。
The company’s value is determined by the company’s net cash flow and the weighted average cost of capital in each of the coming years, while the cost of the principal-agent arising from the separation of ownership and management will reduce the value of the company. The purpose of this paper is to study the effects of different executive compensation systems on the resolution of principal-agent problems and their impact on corporate value.