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Abstract
to
WithChina’sadmission ofChina
confrontnot the
WTO，companies only
of and alsothe of
prices，but intellectualsand
competitionproducts competition corporate
a resources
of havenot
time，human been
governance．Forlong companies optimally
wastedmuch．TheliRle
and correlationbetweenexecutive and
distributed compensation
the ofthe and
decreasesbenefit executive the
shareholders，which
performance gives
incentiveto onourlisted situationand
no develop．Based companies’present
companies
the thesisresearchestheincentive
reform，the
corporategovernance
contracttorelieve ESOR
the“principal—agentproblem’with
the
modelof with
Hohnstrom(19791
Combiningprincipal-agent convexity
ofThomas thesisstudieswhenitis
theory Hemmer(1999)，the appropriate
compensation
toaddaconvex asstock an executive
options，tooptimal
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