The important characteristic of modern enterprise is the separation between ownership and control rights, which is the principal-agent relationship between the investor and manager.
现代企业的重要特点就是所有权和控制权分离，出资人和经营者之间形成了委托-代理关系。
Multi-level principal-agency systems among share holder meeting, board of directors and managers realize the separation between ownership and actual control power.
股东会、董事会、经理层等之间的多重委托—代理制度，实现了所有权和实际控制权的分离。
For modern enterprises, separation of ownership and control is one outstanding characteristic, which brings about interest conflicts between finance and management.
现代企业最突出的特征是企业所有权与经营权的分离。所有权与经营权的分离带来了委托人与代理人之间的利益冲突。
The separation of ownership and control in publicly held firms often creates incentive conflicts between stockholders and management, which causes agency costs for the firms' stockholders.
所有权与管理权分离经常会引起所有者与管理者之间的激励冲突，从而引起所有者的代理成本。
The separation of ownership and control in publicly held firms often creates incentive conflicts between stockholders and management, which causes agency costs for the firms' stockholders.
所有权与管理权分离经常会引起所有者与管理者之间的激励冲突，从而引起所有者的代理成本。
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