代理理论认为,企业所有权就是剩余索取权和剩余控制权的配置机制,企业的最优激励机制实质上就是能使剩余所有权和剩余控制权最大对应的机制,最优的安排一定是经理与股东之间的剩余分享制,股票期权正是适应这一要求而产生的激励机制。 The agency theory holds that the ownership of the enterprise is the allocation mechanism of the residual claim and the residual control right. The optimal incentive mechanism of the enterprise is essentially the mechanism that maximizes the relationship between the residual ownership and the residual control. The optimal arrangement must be the manager and the shareholder Between the remaining sharing system, stock options is to adapt to this requirement and the incentive mechanism.