顶身股作为山西票号经营管理体制的核心,其自身缺陷一直为大多数晋商研究者所诟病。笔者从对目前晋商研究中关于顶身股缺陷主流观点的反思入手,提出缺乏对顶有身股伙友的有效制约、财东的无限责任以及晋商后人安于享乐的思想是顶身股在实际运行中偏向的原因,并据此提出对完善现代企业制度的启示。 Top stock as the core of Shanxi ticket management system, its own flaws have been criticized by most of the Shanxi business researchers. The author starts from the reflection on the mainstream viewpoints of the top-body shares defects in the current study of Shanxi merchants, and puts forward that the lack of effective restriction on top-level stockholders and friends, In the actual operation of the bias, and accordingly proposed to improve the modern enterprise system enlightenment.