管理者分享企业剩余索取权及其激励模型分析——以管理层收购企业为例

管理者分享企业剩余的制度安排有利于调动管理者的工作积极性，降低代理成本，进而提高企业经济绩效。管理层收购实现了企业剩余控制权与剩余索取权的统一，有利于经营者的自我激励。收购企业股权越多，激励与监督作用越强。当管理者不能收购企业全部股权时，其他所有者持有股权的集中度对监督管理者具有重要意义。

Analysis of Manager Sharing Residual Claim Right and Incentive Model——Example of Management Buyout

The arrangement of manager sharing the residual right of the finn which he served is in favor of inspiring his enthusiasm and reducing agency cost, and furthermore improving the economic performance of the corporation. After management buyout（MBO）, the claim to the firm＇s residue combines with the claim to the finn＇s residual control, the manager can be self-inspired. And the more the manager buys the firm stock, the more the manager will be inspired and supervised. Supposing the manager does not hold the ownership of the firm as a whole, the concentration of the stock owned by other stockholders is important for them to supervise the manager.