It takes agency theory as its premise , human resource property right as its core , and modern distribution theory and risk theory as its foundation . its basic idea is to give high - level managers headed by chief executive officer the right to purchase common stocks of the company at a certain price and time in the future . through this equity system , it ' s expected to inspirit organizations " management in the long run , avoid operators " short - term behavior , and thus reduce agency cost , improve organizations " management structure , and promote the stability of management , so that both constituents ( stake holders ) and vicegerents " ( operators ) targets of gaining profit will be realized finally 其本质是对经营者的一种薪酬安排；它以代理理论为前提，以人力资本产权理论为核心，以现代分配理论和风险理论为基础；其基本内容是给予公司内以首席执行官为首的高级管理人员在未来某特定的时间按某一固定价格购买本公司普通股的权力；通过这种机制希望对公司管理层起到长期激励的作用，避免经营者的短期行为，从而减少代理成本，改善企业的治理结构，促进稳健经营，最终实现委托者(股东)和受托者(经营者)双赢的目的；它是把期权理论应用于现代激励机制的一种制度创新，比较符合市场经济条件下企业经营者的价值取向和企业发展的战略要求。
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With a constant smile on his face and a good countenance , william rhodes , the board chairperson of the bank , responded in a skillful diplomatic language to the inquiry about their failure in buying a share in people ' s construction bank of china , “ we ' ve been being in a vicegerent relation with construction bank , and we have always attached much importance to this relation 虽然花期银行董事会主席威廉& # 8226 ;罗兹始终面带微笑，镇定自若并用这一贯娴熟的外交辞令回答入股建行上的失败时， “我们与建行一直都有代理关系，并且一贯重视与建行的关系。
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So on the basis of descriptions on the control rights , this dissertation tries to demonstrate the influence of the states of the control rights on corporation governance structure , especially the vicegerent collisions between the controlling shareholders and the smaller shareholders , on which it puts forward some policies and suggestions to make the governance structures of the listed private - controlled companies consummate . and this depends on the analyses on the share structure 、 character and controlling of levels of factual controllers 、 share proportion of every level shareholders on the control chain and states of control rights etc . this paper is divided into five parts 本文参考laporta等人关于控制权的定义,试图通过对样本民营上市公司的股权结构、实际控制人的性质和控制层级、控制链条上各层级股东的持股比例以及控制权状态等因素的分析,论证公司控制权状态对民营上市公司治理结构的影响,特别是控制性股东与中小股东之间的代理冲突,并在此基础上提出进一步完善民营上市公司治理结构的政策建议。
