所有权与控制权:从分离走向结合

就企业所有权与控制权关系的演变进行了分析，指出两权分离是工业化大生产的要求，而两权走向结合则是建立所有者与控制者共赢机制的必然选择。并且认为，股权激励可以减低代理成本，促使代理人行为长期化，是现代企业普遍遵循的管理法莉。其政策含义在于，深化国有企业改革必须打破传统的薪酬模式，给经理人以股权，将股权与年薪制有机地结合起来。

The Right of Ownership and the Right of Control: From Separation to Integration

This paper analyzes the mutual relations between the right of ownership and the right of control,which point out that the separation is the result of social division of labor,and the integration can found the win-win mechanism of the owner and the controller.Equity can improve agent behavior and reduce agency costs.Its academic significance is to change the traditional viewpoint that separation between ownership and control is one of the basic features of modern corporations,and its policy proposal is that the government should award equity to managers.The new compensation system should use equity as well as annual salary system.