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ACCA FM知识点：Agency costs

文章来源：ACCA全球官网

发布时间：2021-11-26 13:50

阅读：627次

公司的资本结构是指公司用于为其资产融资的股权和债务融资的混合。一些公司可能是全股权融资，根本没有债务，而其他公司可能拥有低水平的股权和高水平的债务。股权和债务资本混合的决定称为融资决策。上文我们介绍了莫迪利亚尼和米勒的含税模型存在的问题，本文我们继续讲解Agency costs。

Agency costs

Agency costs arise out of what is known as the‘principal-agent’problem.In most large companies,the finance providers(principals)are not able to actively manage the company.They employ‘agents’(managers)and it is possible for these agents to act in ways which are not always in the best interest of the equity or debt-holders.

Since we are currently concerned with the issue of debt,we will assume there is no potential conflict of interest between shareholders and the management and that the management’s primary objective is the maximisation of shareholder wealth.Therefore,the management may make decisions that benefit the shareholders at the expense of the debt-holders.

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Management may raise money from debt-holders stating that the funds are to be invested in a low-risk project,but once they receive the funds they decide to invest in a high risk/high return project.This action could potentially benefit shareholders as they may benefit from the higher returns,but the debt-holders would not get a share of the higher returns since their returns are not dependent on company performance.Thus,the debt-holders do not receive a return which compensates them for the level of risk.

To safeguard their investments,debt-holders often impose restrictive covenants in the loan agreements that constrain management’s freedom of action.These restrictive covenants may limit how much further debt can be raised,set a target gearing ratio,set a target current ratio,restrict the payment of excessive dividends,restrict the disposal of major assets or restrict the type of activity the company may engage in.

As gearing increases,debt-holders would want to impose more constrains on the management to safeguard their increased investment.Extensive covenants reduce the company’s operating freedom,investment flexibility(positive NPV projects may have to be forgone)and may lead to a reduction in share price.Management do not like restrictions placed on their freedom of action.Thus,they generally limit the level of gearing to limit the level of restrictions imposed on them.

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