棘轮效应是委托代理关系中委托人与代理人追求目标发生冲突时产生的一种现象。

The ratchet effect is a phenomenon induced in conflict between entruster and agent who pursue different objectives in the entrustment-agency relation.

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股票期权制度作为一种长期激励机制，是解决由于所有权与经营权分离所引起的委托人与代理人之间利益冲突的有效机制，但在实践中也存在着诸多的弊端。

Stock option as a long-term inspiration mechanism, is proved to be a effective mechanism to solve conflicts between consigner and attorney that arose from separation of management and possession.

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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。

For modern enterprises, separation of ownership and control is one outstanding characteristic, which brings about interest conflicts between finance and management.

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