在经营权与所有权分离的公司中,存在着经营者与股东目标不一致、信息不对称、风险与责任不匹配等对立冲突,高级管理层很可能背离企业价值最大化目标,因此设计良好的高级管理层薪酬体制有着重要的现实意义。研究表明货币薪酬和股权激励等手段都起到了规范管理层的资本投资决策,优化投资行为的作用。 Among the companies with separate management rights and ownership, there are conflicting conflicts between managers and shareholders, information asymmetry and risk and liability mismatch. Senior management is likely to deviate from the goal of maximizing corporate value. Therefore, well-designed senior management Layers pay system has important practical significance. The research shows that both monetary compensation and equity incentive have played a role of standardizing management’s decision on capital investment and optimizing investment behavior.