The property right contract of institutional shareholder enjoys the advantage of the agency of trade expenses, yet the long chain of agency will increase the cost in the trade.
机构股东的产权契约具有节约交易费用的代理优势，但代理链过长会增加交易费用。
Seller (shareholder) can reach the purpose of reducing agency cost, incent and restrict the management, peel off assets and change public-owned departments to private departments.
卖方股东可以达到降低代理成本、激励和约束管理层、剥离资产和公营部门私有化的目的。
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