作者认为，管理者所有权的上升从价值的创造与分配两个方面影响着其自身和其他股东的利益。
In my opinion, the increase of managerial ownership has an effect not only on the manager but also on the other shareholders because of the changes of corporation value and its distribution.
管理者和执行者自顶向下地检查所有权的全部成本(TCO)。
Managers and executives examine total cost of ownership (TCO) from the top down.
在分散所有权结构下，代理冲突的实质是管理者激励与投资者保护间的权衡取舍。
Agency conflict is essentially the tradeoff between the manager incentive and investor protect in a dispersed corporate structure.
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