一、管理报酬契约的设计1.设计管理报酬契约的必要性。在现代企业制度下,企业大多是所有权和经营权分离,所有者和管理者分别处于委托代理链的两端,由此产生委托人和代理人的契约关系。这种关系决定了两者目标不一致。对所有者而言,他们追求自身财富的最大化;对管理者而言,他们 First, the design of management contract of remuneration 1. The need to design a management contract of remuneration. Under the modern enterprise system, most of the enterprises are separated from their ownerships and management rights. The owners and managers are respectively at the two ends of the principal-agent chain, resulting in the contractual relationship between the principal and the agent. This relationship determines the two goals are inconsistent. For the owner, they seek the maximization of their wealth; to the manager, they