本文正是基于委托-代理框架对我国上市公司管理层激励问题进行研究。
This article is a study on executive compensation in China's listed company based upon framework of principal-agent theory.
对中国而言，管理层收购的最大特点就是其对管理层激励的改善是以公司所有权结构的重大调整为前提的。
As in China, the outstanding characteristic of MBO is to dramatically adjust corporate ownership structure to meliorate the management motivation.
这些因素可能包括高管的激励性薪酬、董事会缺乏监督以及管理层在估计收购目标公司价值时的错误。
These factors may include the incentive compensation of executives, lack of monitoring by boards of directors, and managerial error in estimating the value of firms targeted for acquisition.
其二，管理层的股票激励，稀释了其他股东的持股比例。
The dilution of other shareholders by awards of shares to executives has increased.
有的员工认为：“管理层通过行动来进行管理，而不是用言语告诉员工他们很重要。而这样的投入就很有价值，无论你在什么职位上工作，这就很富有激励意义。”
As one employee put it: “When management shows through actions rather than words that you’re a valuable employee, that your input is valued no matter what level you work at, it’s very motivating.”
国美总裁陈晓等公司管理层以及各分公司和大区总经理共105人将获得总计3.83亿股的股权激励。
A total of 383m shares worth HK$730m will be handed out to 105 staff, including President Chen Xiao, senior managers, general managers of its branches and regional managers.
它实现了所有权和经营权的集中，从而降低代理成本、激励和约束管理层。
It has realized the concentration of ownership and right of administration, so reduces agency cost, incents and restricts the management.
热情常常被管理层遗忘，热情要比钱更能激励人。
Passion is so often forgotten by management Passion motivates more than money.
嘉吉有一个年度员工激励计划，此计划将依据公司业绩和个人绩效表现确定；BU管理层对年终考绩奖金的核发拥有决定权。
Cagill has an employees annual incentive bonus program. It is subject to both business and individual performance, and is at the discretion of the bu Management.
他表示：“由于无人监管，投资银行管理层的激励性措施得以真正实施，即将雇员薪酬提升至最高水平。”
With no one watching, the managements of the investment banks did exactly what they were incentivized to do: maximize employee compensation, he said.
在成熟的市场环境下，MBO是减少公司代理成本、激励管理层和上市公司与企业集团实施业务重组的重要手段。
Under the developed market conditions, MBO is an important means to cut back corporate agency cost, motivate management, and prompt listed companies and conglomerates to restructure themselves.
因此，对于我国现在上市公司管理层股权激励的研究有着较大的现实意义。
Therefore, studying on the management equity incentive of listed companies in our country in nowadays has practical significance.
公司治理的目的是激励管理层努力提高水平。
The aim of enterprise management is to motive the management to improve the ability.
激励管理层的治理机制有多种，主要分为内部治理机制和外部治理机制。
There are many management systems on how to motive the management, which are mainly divided into the internal and external.
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。
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.
这说明了当管理层权力缺乏监督和制衡时，公司激励约束机制的失效。
This shows that when being lack of management supervision and balances of power, the company's incentive and restraint mechanisms will fail.
管理层拥有的权力、地位和声誉等因素对管理者的激励作用甚至会远远大于工资、福利等物质因素。
Intangible factors such as power, status and fame of the management provide much greater impetus to managers than some materials factors like wage and welfare.
该体系在保障所有者利益的同时，能对管理层及员工进行有效激励，对改善公司治理有较大贡献。
This system can encourage effectively administration and supervision authorities and the staff while ensuring owner's interests, making greater contribution in improving the company.
笔者认为针对非上市公司管理层的年薪制，和职工持股、奖金制能有效解决国有运输企业的激励问题。
The writer thinks that age salary of manager, ESOP and award to employee aimed at non-stock company can settle the incentive system problem of state-owned enterprise effectively.
发行大量债务以回购股票的行动，将形成组织激励机制，促成管理层支付未来的现金流。
Issuing large amounts of debt to buy back stock sets up organizational incentives to motivate managers to pay out free cash flow.
管理层股权激励是指上市公司以本公司股票为标的，对其董事、监事、高级管理人员进行的长期性激励。
The stock rights incentive on managements means that the listed companies use their corporate stocks as target and make long stimulation to the directors, supervisors and top management.
管理层持股与公司绩效关系的研究是一个古老的命题，旨在为解决代理问题和股权激励提供理论依据。
The study on the relation of managerial ownership and corporate performance is an ancient proposition in order to provide a theoretical basis for agency problem and equity incentive.
研究表明，由于两类企业面临的代理冲突不一样，管理层持股的激励效果也不一致。
The research results show that due to the different agent conflict of two types of enterprises, the effect of managerial ownership is different.
研究表明，由于两类企业面临的代理冲突不一样，管理层持股的激励效果也不一致。
The research results show that due to the different agent conflict of two types of enterprises, the effect of managerial ownership is different.
应用推荐