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一、经理股票期权的理论基础(一)委托代理理论委托代理制是指所有者将其拥有的资产根据预先达成的条件委托给经营者经营,所有权仍归出资者所有,出资人按出资额享有剩余索取权和剩余控制权。经营者在委托人授权范围内,按企业法人制度的规则对企业财产行使占有、支配、使用和处置的权力,现代企业是建立在所有权与经营权相互分离的基础上,因此就产生了委托代理关系。其中包含两层委托代理关系,其一是作为公司所有者的股东(委托人)委托董事会(代理人)监督控制企业的运营;其二是董事会(委托人)委托经理层(代理人)经营管理企业
First, the manager of the theoretical basis of stock options (A) the principal-agent theory Commissioned agency system refers to the owners of their assets under the pre-agreed conditions entrusted to the operator to operate, the ownership still owned by the investors, the investor according to the amount of investment Residual claim and residual control. Operators within the mandate of the principal, according to the rules of the enterprise legal person system to exercise the possession, control, use and disposal of the power of the enterprise, the modern enterprise is based on the separation of ownership and management of the basis of the right, so there has been commissioned by the agency relationship. Which includes two layers of principal-agent relationship. One is that the shareholder (principal) who is the owner of the company entrusts the board of directors (agent) to supervise and control the operation of the enterprise. The other is that the board of directors (principal) entrusts the manager (agent) enterprise