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《Economic Research Journal》 2004-12
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Double Principal-agent Theory: Another Analysis Framework of Listed Companies' Governance

Feng Genfu (Xi'an Jiaotong University)  
This article thinks,essentially, western traditional principal-agent theory is single principal-agent theory. In fact, it is a kind of corporate governance theory built aimed at the listed 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 listed companies with the main character of the relatively concentrated equity or highly concentrated equity. In term of the actual condition of the listed companies with the main character of relatively concentrated equity or highly concentrated equity, This article puts forward and structures a kind of new analysis framework of listed company's governance problems based on the existing single principal-agent theory——double principal-agent theory. For that matter, the analysis of this article indicates that, for the listed companies with the main character of the relatively concentrated equity or highly concentrated equity, the explaining power of double principal-agent theory is stronger than that of single principal-agent theory. 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 listed companies. This article, finally, suggests and discusses the threads and designs to further perfect the governance of Chinese listed companies based on the double principal-agent theory.
【CateGory Index】: F276.6
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