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现代公司最主要的特征是所有权与经营权分离。从普遍意义上看,股东所有权表现为“剩余索取权”,而经营者却掌握着企业的“控制权”。正是因为“剩余索取权”与“控制权”的分离, 使企业经营者的激励与约束作为一个非常重要的问题突现出来。为了解决这个问题,最优的安排是授予经理人员一定份额的股权,通过剩余分享的机制使“剩余索取权”与“控制权”能够取得一定程度上的对应。这种制度安排就是我们常常称作的“股权激励”。
The most important feature of modern companies is the separation of ownership and management. In a general sense, shareholder ownership is expressed as “residual claims,” while the operator holds the “control” of the enterprise. It is because of the separation of “residual claims” and “control rights” that the motivations and constraints of business operators emerge as a very important issue. In order to solve this problem, the optimal arrangement is to grant managers a share of shareholding, and to make a certain degree of correspondence between “residual claims” and “control rights” through the mechanism of residual sharing. This institutional arrangement is what we often call “equity incentives.”