两权分离形成了委托代理关系，委托代理关系不可避免会产生非效率现象。
The separation of ownership and operation right brings up agency by agreement relation, unavoidably causing inefficiency.
两权分离便于管理，但有些经理往往不是为股东，而是为自己的私利着想。
While this makes management easier, some managers are tempted to act more in their own interests than those of the Stockholders.
托管制的出现，较好地处理了“两权分离”后作为委托人的企业主同作为代理人的经理人之间的契约关系。
The trusteeship system has well handled the contract relationship between client and agent, which represents the relation of proprietor and manager after separating.
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