代理問題
principal-agent problem
在權益契約關係中，股東是主理人(principal)，經理人為代理人(agent)，由於經理人只持有少數股權，而大多數股權均由外部的一般股東所持有，因此在經營權與所有權分離的情況下，經理人便有誘因只追求自身利益，而不替股東爭取最大財富，此時便產生道德危險。
In the interests of contractual relations, shareholders are the main reason people (principal), the manager as agent (agent), because the manager only holds a minority stake, while the majority stake held by outside shareholders in general, and therefore the right to operate and the case of the separation of ownership, the manager will have the incentive to pursue only their own interests, rather than to maximize wealth for shareholders, and is ready to create moral hazard.