NO.PZ2018101501000066
问题如下：
Which of the following statements is least correct regarding the agency cost?
选项：
A.The agency cost decreases with the increase use of debt.
B.The agency cost arises from the fact that managers have more information than investors about the firm.
C.Better corporate governance reduces the agency costs.
解释：
B is correct.
考点：Costs Affect Capital Structure
解析：代理成本主要是指股东与经理人之间订立、管理、实施那些或明或暗的合同的全部费用，包含监督成本(Monitoring Cost)、约束成本(Bonding Cost)以及剩余损失(Residual Cost)。而B选项是信息不对称成本(Cost of asymmetric information)产生的原因。
这三个概念现在还在考纲里吗？感觉课上没展开讲是的。。
