更多服务

特色服务

找学习资源

查报考信息

看备考资讯

备考工具箱

报考指南

报考条件

就业前景

报考流程

考试日历

资料中心

注册流程

准考证

免费题库

全部

ACCA《P1专业会计师》基础复习(3)

来源：高顿网校 2015-03-23

　　2.Agency theory

　　2.1 Definition of agency relationship

　　“A contract under which one or more persons （the principals） engage another person （the agent） to perform some service on their behalf which involves delegation some decisions making authority to the agent.”

　　<1> Agents: one person is employed by others （principal） to carry out a task on their behalf.

　　<2> Principles: one person employs others （agent） to carry out a task on his behalf.

　　<3> Agency is acting on behalf of another （principal） in dealing with others.

　　2.2 Accountability and fiduciary duty

　　<1> Accountability: in the context of agency, means that the agent is answerable under the contract to his principal and must account for the resources of his principal and the money he has gained working on his principal’s behalf.

　　<2> Fiduciary duty: a duty imposed upon certain persons because of the position of trust and confidence in which they stand in relation to another.（Directors own a fiduciary duty to the company not to individual shareholders）

　　a. Full disclosure of information held by the fiduciary （agent）

　　b. A strict duty to account for any profit received as a result of the relationship

　　c. A duty to avoid conflicts of interest

　　<3> Accountability in agency theory and corporate governance

　　a. Performance: agent has a contractual obligation to perform agreed legal task with reward be paid.

　　b. Obedience: agent must act strictly in accordance with his principal’s lawful and reasonable instruction.

　　c. Skill: agent should maintain the standard of professional skill and care.

　　d. Personal performance: agent owes a duty to perform his task himself and not to delegate, except a few special circumstances （required by law, etc）

　　e. No conflict of interest: agent owes a duty not to conflict of interest with his principal.

　　f. Confidentiality: agent must keep confidence with principal’s affairs even after the agency relationship has ceased.

　　g. Benefit: agent must hand over all benefit to his principal unless it is allowed to retain.

　　2.3 Agency in the context of corporate governance

　　2012ACCA《P1专业会计师》基础课程讲义（3）

　　2.4 Agency problems and agency costs

　　<1> Agency problems in delegation

　　a. The principal and agent have a conflict of interest, or they have different attitude in risk management.

　　b. It is difficult and expensive for the principal to verify what the agent is actually doing （introduce mechanisms to control; spend time, money and resource to monitor）。

　　<2> Agency costs

　　a. The principal spend time, money and resources to monitor the activities of agents. （Information Asymmetry）

　　b. To introduce mechanisms to control the activities of the agent

　　<3> Resolving the agency problem: alignment of interest

　　a. Profit-relate pay / economic value added pay

　　b. Reward manager with shares: management buy-in/buy-out, managers become joint owner-managers.

　　c. Executive share option （ESOPs）： increase in company value lead to increase in share price.

　　d. Monitoring mechanisms （monitor mangers’ behavior）： NEDs, management audit, additional report, and significant shareholder engagement.

　　2.5 Transaction costs theory

　　<1> Definition: companies try to keep as many transactions as possible in-house （vertical integration） in order to reduce uncertainties about dealing with suppliers （purchase price and quality）。

　　a. Search and information costs （find the supplier）

　　b. Marketing, bargaining and decision costs （purchase component）

　　c. Policing and enforcement costs （monitor quality）

　　<2> Relationship with agency theory

　　a. Difference: transaction costs theory focus on opportunistic; agency theory focus on agency problem and costs

　　b. Similar: they all deal with conflict of interest, managers should pursue shareholders’ best interests rather than their own

　　通过ACCA考试实属不易，首先要有执着的精神，其次是不断勤奋的学习，高顿网校为大家提供ACCA题库免费做题，希望助大家一臂之力，查看详情》

ACCA网络课程	课程专业名称	讲师	试听
85%的人正在学习该课程	ACCA 全维度网课体验课程实景课堂与独立录制覆盖所有知识点，根据学习计划推进学习进度	高顿名师
70%的人正在学习该课程	ACCA网课全科卡（8.2折）为零基础刚开始学习ACCA的学员特别定制	高顿名师

　　ACCA考试免费题库【手机题库下载】| 在线直播

　　ACCA高清网课免费体验 ACCA名师精品班免费试听

　　精彩推荐：

ACCA到底是什么意思？

ACCA特许公认会计师职业发展与分析

2015年6月ACCA考试常见问题解析

2015年6月ACCA备考辅导专题　　2014年ACCA考试真题和答案汇总

版权声明：本条内容自发布之日起，有效期为一个月。凡本网站注明“来源高顿教育”或“来源高顿网校”或“来源高顿”的所有作品，均为本网站合法拥有版权的作品，未经本网站授权，任何媒体、网站、个人不得转载、链接、转帖或以其他方式使用。经本网站合法授权的，应在授权范围内使用，且使用时必须注明“来源高顿教育”或“来源高顿网校”或“来源高顿”，并不得对作品中出现的“高顿”字样进行删减、替换等。违反上述声明者，本网站将依法追究其法律责任。本网站的部分资料转载自互联网，均尽力标明作者和出处。本网站转载的目的在于传递更多信息，并不意味着赞同其观点或证实其描述，本网站不对其真实性负责。如您认为本网站刊载作品涉及版权等问题，请与本网站联系(邮箱fawu@gaodun.com，电话：021-31587497)，本网站核实确认后会尽快予以处理。

展开全文咨询在线

点一下领资料

【整理版】ACCA各科目历年真题

真题高频考点，刷题全靠这份资料

下载合集

acca全科学习思维导图

梳理核心考点，一图看懂全部章节

下载合集

2023年acca考纲解析

覆盖科目重难点,备考按照计划走

acca备考热门问题解答

acca考试怎么搭配科目？: 建议优先选择相关联的科目进行搭配报考，这样可以提高备考效率，减轻备考压力，1、F1-F4：为随时机考科目，难度较低，这里可以自行随意选择考试顺序。2、F5-F9：如果你的工作的和财务会计或者审计有关、或者你比较擅长财务和审计的话，推荐先考F7和F8。你可以选择一起考ACCA考试科目F7和F8或者先考F7（8）再考F8（7），这就要取决你一次想考几门。3、P阶段：选修科目中，建议企业首选AFM！第二部分科目进行选择，如果AA和SBR掌握学生更好，可以通过选择AAA，如果SBL掌握的好，可以自己选择APM。