{"id":28647,"date":"2023-12-07T05:17:04","date_gmt":"2023-12-07T05:17:04","guid":{"rendered":"https:\/\/masterskills.org\/blog\/van-de-giua-nguoi-uy-nhiem-va-nguoi-thua-hanh-principal-agent-problem-la-gi.html"},"modified":"2023-12-22T21:39:02","modified_gmt":"2023-12-22T14:39:02","slug":"van-de-giua-nguoi-uy-nhiem-va-nguoi-thua-hanh-principal-agent-problem-la-gi","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/van-de-giua-nguoi-uy-nhiem-va-nguoi-thua-hanh-principal-agent-problem-la-gi.html","title":{"rendered":"V\u1ea5n \u0111\u1ec1 gi\u1eefa ng\u01b0\u1eddi \u1ee7y nhi\u1ec7m v\u00e0 ng\u01b0\u1eddi th\u1eeba h\u00e0nh (Principal-Agent Problem) l\u00e0 g\u00ec?"},"content":{"rendered":"
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H\u00ecnh minh h\u1ecda. Ngu\u1ed3n: computing.ece.vt.edu<\/i><\/p>\n<\/div>\n<\/div>\n

V\u1ea5n \u0111\u1ec1 gi\u1eefa ng\u01b0\u1eddi \u1ee7y nhi\u1ec7m v\u00e0 ng\u01b0\u1eddi th\u1eeba h\u00e0nh<\/font><\/h2>\n

Kh\u00e1i ni\u1ec7m<\/b><\/p>\n

V\u1ea5n \u0111\u1ec1 gi\u1eefa ng\u01b0\u1eddi \u1ee7y nhi\u1ec7m v\u00e0 ng\u01b0\u1eddi th\u1eeba h\u00e0nh <\/b>trong ti\u1ebfng Anh l\u00e0 Principal-Agent Problem.\u00a0<\/b><\/p>\n

V\u1ea5n \u0111\u1ec1 gi\u1eefa ng\u01b0\u1eddi \u1ee7y nhi\u1ec7m v\u00e0 ng\u01b0\u1eddi th\u1eeba h\u00e0nh <\/i>l\u00e0 m\u00e2u thu\u1eabn trong c\u00e1c \u01b0u ti\u00ean gi\u1eefa m\u1ed9t ng\u01b0\u1eddi ho\u1eb7c m\u1ed9t nh\u00f3m v\u1edbi ng\u01b0\u1eddi \u0111\u1ea1i di\u1ec7n \u0111\u01b0\u1ee3c \u1ee7y quy\u1ec1n h\u00e0nh \u0111\u1ed9ng thay m\u1eb7t h\u1ecd. M\u1ed9t ng\u01b0\u1eddi th\u1eeba h\u00e0nh c\u00f3 th\u1ec3 h\u00e0nh \u0111\u1ed9ng theo c\u00e1ch tr\u00e1i v\u1edbi l\u1ee3i \u00edch t\u1ed1t nh\u1ea5t c\u1ee7a ng\u01b0\u1eddi \u1ee7y nhi\u1ec7m.<\/p>\n

V\u1ea5n \u0111\u1ec1 gi\u1eefa ng\u01b0\u1eddi \u1ee7y nhi\u1ec7m v\u00e0 ng\u01b0\u1eddi th\u1eeba h\u00e0nh<\/i> c\u00f3 th\u1ec3 x\u1ea3y ra trong m\u1ecdi t\u00ecnh hu\u1ed1ng trong \u0111\u00f3 quy\u1ec1n s\u1edf h\u1eefu m\u1ed9t t\u00e0i s\u1ea3n (ng\u01b0\u1eddi \u1ee7y nhi\u1ec7m) \u1ee7y quy\u1ec1n ki\u1ec3m so\u00e1t tr\u1ef1c ti\u1ebfp t\u00e0i s\u1ea3n \u0111\u00f3 cho m\u1ed9t b\u00ean kh\u00e1c (ng\u01b0\u1eddi th\u1eeba h\u00e0nh).<\/p>\n

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V\u00ed d\u1ee5, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n c\u1ee7a c\u00f4ng ty, v\u1edbi t\u01b0 c\u00e1ch l\u00e0 ch\u1ee7 s\u1edf h\u1eefu m\u1ed9t ph\u1ea7n c\u00f4ng ty, l\u00e0 ng\u01b0\u1eddi \u1ee7y nhi\u1ec7m d\u1ef1a v\u00e0o gi\u00e1m \u0111\u1ed1c \u0111i\u1ec1u h\u00e0nh (CEO) c\u1ee7a c\u00f4ng ty, c\u00f3 t\u01b0 c\u00e1ch l\u00e0 ng\u01b0\u1eddi th\u1eeba h\u00e0nh c\u1ee7a h\u1ecd, \u0111\u1ec3 th\u1ef1c hi\u1ec7n c\u00e1c chi\u1ebfn l\u01b0\u1ee3c ph\u1ee5c v\u1ee5 l\u1ee3i \u00edch t\u1ed1t nh\u1ea5t c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n

\u0110\u00f3 l\u00e0, h\u1ecd mu\u1ed1n c\u1ed5 phi\u1ebfu t\u0103ng gi\u00e1 ho\u1eb7c \u0111\u01b0\u1ee3c tr\u1ea3 c\u1ed5 t\u1ee9c, ho\u1eb7c c\u1ea3 hai. N\u1ebfu CEO thay v\u00ec c\u1ed1 g\u1eafng \u0111\u1ea1t c\u00e1c m\u1ee5c \u0111\u00edch tr\u00ean m\u00e0 gi\u1eef l\u1ea1i m\u1ecdi l\u1ee3i nhu\u1eadn \u0111\u1ec3 m\u1edf r\u1ed9ng c\u00f4ng ty ho\u1eb7c \u0111\u1ec3 tr\u1ea3 l\u01b0\u01a1ng th\u01b0\u1edfng h\u1eadu h\u0129nh cho c\u00e1c qu\u1ea3n l\u00ed, th\u00ec c\u00e1c c\u1ed5 \u0111\u00f4ng c\u00f3 th\u1ec3 th\u1ea5y h\u1ecd \u0111\u00e3 b\u1ecb ng\u01b0\u1eddi th\u1eeba h\u00e0nh c\u1ee7a\u00a0<\/p>\n

V\u1ea5n \u0111\u1ec1 gi\u1eefa ng\u01b0\u1eddi \u1ee7y nhi\u1ec7m v\u00e0 ng\u01b0\u1eddi th\u1eeba h\u00e0nh <\/i>\u0111\u00e3 tr\u1edf th\u00e0nh m\u1ed9t y\u1ebfu t\u1ed1 ti\u00eau chu\u1ea9n trong khoa h\u1ecdc ch\u00ednh tr\u1ecb v\u00e0 kinh t\u1ebf. L\u00ed thuy\u1ebft \u0111\u01b0\u1ee3c ph\u00e1t tri\u1ec3n v\u00e0o nh\u1eefng n\u0103m 1970 b\u1edfi Michael Jensen thu\u1ed9c \u0110\u1ea1i h\u1ecdc Kinh doanh Harvard v\u00e0 William Meckling thu\u1ed9c \u0110\u1ea1i h\u1ecdc Rochester.\u00a0<\/p>\n

H\u1ecd \u0111\u00e3 \u0111\u1ec1 ra c\u1ea5u tr\u00fac t\u00e1ch bi\u1ec7t quy\u1ec1n ki\u1ec3m so\u00e1t: S\u1ef1 t\u00e1ch bi\u1ec7t ki\u1ec3m so\u00e1t n\u00e0y x\u1ea3y ra khi ng\u01b0\u1eddi \u1ee7y nhi\u1ec7m thu\u00ea m\u1ed9t ng\u01b0\u1eddi th\u1eeba h\u00e0nh, ng\u01b0\u1eddi \u1ee7y nhi\u1ec7m s\u1ebd \u1ee7y th\u00e1c m\u1ed9t m\u1ee9c \u0111\u1ed9 ki\u1ec3m so\u00e1t v\u00e0 quy\u1ec1n \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh cho ng\u01b0\u1eddi th\u1eeba h\u00e0nh. Nh\u01b0ng ng\u01b0\u1eddi \u1ee7y nhi\u1ec7m v\u1eabn gi\u1eef quy\u1ec1n s\u1edf h\u1eefu t\u00e0i s\u1ea3n v\u00e0 tr\u00e1ch nhi\u1ec7m \u0111\u1ed1i v\u1edbi m\u1ecdi t\u1ed5n th\u1ea5t.<\/p>\n

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V\u00ed d\u1ee5 v\u1ec1 v\u1ea5n \u0111\u1ec1 gi\u1eefa ng\u01b0\u1eddi \u1ee7y nhi\u1ec7m v\u00e0 ng\u01b0\u1eddi th\u1eeba h\u00e0nh<\/font><\/h3>\n

V\u1ea5n \u0111\u1ec1 gi\u1eefa ng\u01b0\u1eddi \u1ee7y nhi\u1ec7m v\u00e0 ng\u01b0\u1eddi th\u1eeba h\u00e0nh<\/b> c\u00f3 th\u1ec3 xu\u1ea5t hi\u1ec7n trong nhi\u1ec1u t\u00ecnh hu\u1ed1ng h\u00e0ng ng\u00e0y, n\u1eb1m ngo\u00e0i ph\u1ea1m vi th\u1ebf gi\u1edbi t\u00e0i ch\u00ednh. M\u1ed9t ng\u01b0\u1eddi thu\u00ea lu\u1eadt s\u01b0 c\u00f3 th\u1ec3 lo l\u1eafng r\u1eb1ng lu\u1eadt s\u01b0 s\u1ebd c\u1ed1 t\u00ecnh t\u0103ng th\u00eam nhi\u1ec1u gi\u1edd kh\u00f4ng c\u1ea7n thi\u1ebft \u0111\u1ec3 t\u00ednh th\u00eam ti\u1ec1n.\u00a0<\/p>\n

M\u1ed9t ng\u01b0\u1eddi mua nh\u00e0 c\u00f3 th\u1ec3 nghi ng\u1edd r\u1eb1ng nh\u00e0 m\u00f4i gi\u1edbi quan t\u00e2m \u0111\u1ebfn kho\u1ea3n ti\u1ec1n hoa h\u1ed3ng h\u01a1n l\u00e0 m\u1ed1i quan t\u00e2m v\u00e0 l\u1ee3i \u00edch c\u1ee7a m\u00ecnh.<\/p>\n

Trong t\u1ea5t c\u1ea3 c\u00e1c tr\u01b0\u1eddng h\u1ee3p n\u00e0y, ng\u01b0\u1eddi \u1ee7y nhi\u1ec7m c\u00f3 r\u1ea5t \u00edt s\u1ef1 l\u1ef1a ch\u1ecdn: h\u1ecd c\u1ea7n m\u1ed9t ng\u01b0\u1eddi th\u1eeba h\u00e0nh \u0111\u1ec3 gi\u1ea3i quy\u1ebft c\u00f4ng vi\u1ec7c.<\/p>\n

M\u1ed9t s\u1ed1 gi\u1ea3i ph\u00e1p<\/b><\/p>\n

V\u00ed d\u1ee5 v\u1ec1 t\u00ecnh hu\u1ed1ng c\u1ee7a c\u1ed5 \u0111\u00f4ng v\u00e0 CEO. C\u00e1c c\u1ed5 \u0111\u00f4ng c\u00f3 th\u1ec3 h\u00e0nh \u0111\u1ed9ng tr\u01b0\u1edbc v\u00e0 sau khi thu\u00ea m\u1ed9t ng\u01b0\u1eddi qu\u1ea3n l\u00ed \u0111\u1ec3 ch\u1ed1ng l\u1ea1i m\u1ed9t s\u1ed1 r\u1ee7i ro. \u0110\u1ea7u ti\u00ean, h\u1ecd c\u00f3 th\u1ec3 l\u1eadp h\u1ee3p \u0111\u1ed3ng thu\u00ea\u00a0 qu\u1ea3n l\u00ed theo c\u00e1ch t\u0103ng ph\u1ea7n th\u01b0\u1edfng c\u1ee7a nh\u00e0 qu\u1ea3n l\u00ed khi l\u1ee3i \u00edch c\u1ee7a c\u1ed5 \u0111\u00f4ng t\u0103ng.<\/p>\n

C\u00e1c c\u1ed5 \u0111\u00f4ng c\u00f3 th\u1ec3 y\u00eau c\u1ea7u ban qu\u1ea3n l\u00ed th\u01b0\u1eddng xuy\u00ean b\u00e1o c\u00e1o k\u1ebft qu\u1ea3 cho h\u1ecd, thu\u00ea gi\u00e1m s\u00e1t b\u00ean ngo\u00e0i ho\u1eb7c ki\u1ec3m to\u00e1n vi\u00ean \u0111\u1ec3 theo d\u00f5i th\u00f4ng tin. Trong tr\u01b0\u1eddng h\u1ee3p x\u1ea5u nh\u1ea5t, h\u1ecd c\u00f3 th\u1ec3 thay th\u1ebf ng\u01b0\u1eddi qu\u1ea3n l\u00ed.<\/p>\n

Xu h\u01b0\u1edbng g\u1ea7n \u0111\u00e2y l\u00e0 s\u1eed d\u1ee5ng c\u00e1c h\u1ee3p \u0111\u1ed3ng lao \u0111\u1ed9ng li\u00ean k\u1ebft ch\u1eb7t ch\u1ebd nh\u1ea5t c\u00f3 th\u1ec3 gi\u1eefa ph\u1ea7n th\u01b0\u1edfng c\u1ee7a nh\u00e2n vi\u00ean v\u1edbi hi\u1ec7u su\u1ea5t. \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 qu\u1ea3n l\u00ed doanh nghi\u1ec7p, c\u00e1c \u01b0u \u0111\u00e3i bao g\u1ed3m quy\u1ec1n ch\u1ecdn c\u1ed5 phi\u1ebfu, k\u1ebf ho\u1ea1ch chia s\u1ebb l\u1ee3i nhu\u1eadn, ho\u1eb7c li\u00ean k\u1ebft tr\u1ef1c ti\u1ebfp gi\u1eefa ti\u1ec1n ng\u01b0\u1eddi qu\u1ea3n l\u00ed nh\u1eadn \u0111\u01b0\u1ee3c v\u1edbi gi\u00e1 c\u1ed5 phi\u1ebfu.<\/p>\n

(Theo investopeda)<\/i><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\n V\u1ea5n \u0111\u1ec1 gi\u1eefa ng\u01b0\u1eddi \u1ee7y nhi\u1ec7m v\u00e0 ng\u01b0\u1eddi th\u1eeba h\u00e0nh (ti\u1ebfng Anh: Principal-Agent Problem) x\u1ea3y ra khi ng\u01b0\u1eddi \u0111\u1ea1i di\u1ec7n c\u00f3 th\u1ec3 h\u00e0nh \u0111\u1ed9ng tr\u00e1i v\u1edbi c\u00e1ch gi\u00fap cho ng\u01b0\u1eddi \u1ee7y nhi\u1ec7m \u0111\u1ea1t \u0111\u01b0\u1ee3c l\u1ee3i \u00edch t\u1ed1t nh\u1ea5t.\n <\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[416],"tags":[],"_links":{"self":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/28647"}],"collection":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/comments?post=28647"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/28647\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=28647"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=28647"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=28647"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}