两权分离导致了公司所有者与经营者之间的利益矛盾和代理冲突。双方效用函数的不同,决定了经营者会依据其从所有者那里获得的货币收入量的大小,选择他所能采取的行动。经营者行为的不可观察性使其在控制所有者资源的 The separation of ownership led to conflicts of interest and agency between the owners and managers of the company. The difference between the utility functions of both parties determines that the operator will choose what he can do based on the amount of money it receives from the owner. The unobservability of the operator’s behavior makes it in control of the owner’s resources