从委托-代理视角来看，中国广告代理制是一种契约，但并非最优契约。这便导致广告公司的逆
向选择与道德风险发生，进而，不仅影响广告业健康发展，而且导致中国广告代理制走向消亡。本文
建议，以改造后的效益分配制为交易机制、并以整合营销传播代理为分工机制来重构中国广告代理
制，设计最优契约。

From the principal-agent perspective, Chinese advertising agency system is not the best contract.
It tends to lead the adverse selection and moral hazard of advertising companies, which would not only
influence the healthy development of advertising industry, but also make advertising agency system
disappear. The Chinese advertising agency system should be reconstructed, by taking the incentive
mechanism after being transformed as a trading mechanism and taking the IMC agency as a labor
division mechanism.