分离公司的所有权和经营权所带来的优势是显而易见的。
The separation of ownership and managementhas clear advantages.
然而，如果经理人和所有人目标不一致的时候，所有权和经营权的分离也会给公司带来问题。
But it also brings problems if the managers’ and owners’ objectivesdiffer.
公司监督机制作为现代公司治理结构的重要组成部分，在所有权与经营权分离的现代公司中发挥着重要的作用。
As an important part of the corporate Governance, the Corporation Supervisory Mechanism plays an important role in the modern corporate where the ownership and the managing rights has separated.
现代公司制企业最显著的特征是公司所有权与经营权相分离，由此导致了委托-代理关系的产生。
The prominent feature of modern publicly-owned corporation is separation of ownership and management, giving rise to principal-agent relationship.
在现代企业制度下，企业的所有权与经营权相分离。
Modern enterprise system has made the ownership and operation-right separated from each other.
激励问题产生的根源在于公司体制下的所有权与经营权分离而产生的委托代理问题。
Incentive problems is caused by modern corporation system which results in Separation of ownership and operation right.
大型商业组织在实际的生产运作过程中，将公司的所有权和经营权分离开是很有必要的。
In large businesses separation of ownershipand management is a practical necessity.
公司治理是研究现代企业制度下由于所有权和经营权分离及信息不对称而产生的代理问题的科学。
The corporate governance is a science concerning proxy problem under modern enterprise system, which is caused by the separation of ownership and operation, as well as the information dissymmetry.
现代企业制度的基本特征之一就是所有权与经营权分离，从而产生了委托代理问题。
One of the basic features of the modern enterprise system is the separation of ownership and operation, which gives birth to the problem of principle and agent.
所有权与经营权分离是现代企业的基本特征。
The separation of ownership and operation power is the basic feature of modern enterprises.
现代企业是资本所有权与经营权相分离的产物，是资本所有者委托职业经理经营的实体。
The modern enterprise is the production of the capital property rights and the management power separation, and the entity which capital owner entrusts professional managers to operate.
公司产权制度的建立，使得公司所有权与经营权发生了两次分离，并以此为原则形成了公司法人治理结构。
Erecting company property system makes company property right and right of management be divided for twice and form the company juridical person administering structure.
现代公司主要的特征是所有权与经营权相分离，产生了委托———代理关系。
And the main characteristic of modern corporate is the separation of ownership and management power, appearing principal-agent relationship.
在信息不对称的情况下，公司所有权与经营权的分离使所有者与经营者之间存在着目标利益不一致的冲突。
In the case of unsymmetrical information, the separation of the ownership and the managing right of the company makes the objective benefit of the owner inconsistent with that of the executive.
公司所有权与经营权的分离形成了股东与经理人之间的委托—代理契约关系。
The companies ownership separating from management rights has formed an agency by agreement relationship between Stockholders and managers.
在现代公司中，所有权与经营权相分离，是企业运作的核心。
In modern corporations, the separateness of the ownership and the management is the core of the operation.
由于公司所有权与经营权的分离，导致股东与公司间信息的不对称，从而危及股东利益的实现。
The result of the separation of ownership and management power of the corporation is that the information is not balanced between shareholders and the corporation.
由于现代企业中所有权与经营权的分离，经营者管理目标与所有者目标可能会不一致。
The manager's objective may ha different horn that of the owner's because the right of management is Separated from the right of ownership in a modem enterprise.
现代企业所有权和经营权的分离带来了代理关系，而代理关系的存在又必然产生代理成本。
In modern company agency relationships exist because of the separation of the ownership and the management, and that agency relationships must bring agency cost.
现代商业银行的典型特征是所有权与经营权的分离。
The typical characteristic of modern commercial bank is the separation of ownership and management.
随着所有权与经营权的分离，代理成本让很多企业为之负出了高昂的代价，股权激励被认为是降低代理成本的良方。
With the separation of ownership and management, many enterprises pay a lot for the agency cost. For this, stock incentive is considered to be a good method to decrease the cost.
现代公司制企业最大的特点是所有权与经营权分离，所有者与经营者之间是一种委托代理关系。
The biggest character of modern enterprises is separation of ownership and manager rights, and the relation of owners and managers is agent.
现代企业的一个显著特点是所有权与经营权的分离。
One of the most outstanding characteristics of modern corporations is the separation of ownership and management.
公司治理研究所有权与经营权分离情况下的“代理人问题”，其焦点在于使所有者与经营者利益尽可能相一致。
Corporate governance studies agency problems under the situations of separation between ownership and managerial right, with its focus on the identity of interest between the owners and the managers.
以公司制企业为主的现代企业的典型特征是所有权与经营权的分离。
ABSTRACT A typical characteristics of modern enterprises is the separation of ownership and management .
企业经营权和所有权的分离，导致委托-代理问题的出现。
The separation of enterprise's management and ownership, led to the agency problem.
所有权和经营权的分离使得经营者与股东存在着潜在的利益冲突，而这冲突在公司资本结构的设置上也会有所反映。
As the separation of ownership and operating rights, Stockholders and manager exists potential interest conflict which may be reflected on capital structure.
在现代公司制度的模式下，所有权与经营权相分离是重要的特点之一。
In the modern corporate system, the separation of ownership and operation rights is one of the important characteristics.
在现代公司制度的模式下，所有权与经营权相分离是重要的特点之一。
In the modern corporate system, the separation of ownership and operation rights is one of the important characteristics.
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