Multiple Principal-agent and Protection of Interests of Shareholders of Collective Assets Operation and Management Company

摘要

Special system background and equity structure of collective assets operation and management companies lead to complexity in principal-agent. Farmer shareholders are vulnerable victims in multiple principal-agent, so this paper, by profound analysis of the complicated principal-agent, proposes that protection of interests of shareholders of such companies shall focus on the interests of farmer shareholders, coordination of interests of all shareholders and reduction of agency cost. In addition, satisfactory control mechanisms over such companies are the effective measures to protect farmer shareholders.