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企业经营者的股权应兼顾财务资本所有权(实股)与人力资本所有权(绩股),即一种混合股份所有权。实股可参与企业第一阶段的盈余分配,绩股可参与第二阶段的盈余分配。当企业经营业绩达到止损点,经营者股权从混合性质的股本转化为单纯的人力资本股,两年内业绩不能达预期目标.经营者自然卸任。
The shareholding of a business operator should take into account the ownership of financial capital (real shares) and the ownership of human capital (that is, a mixed ownership of shares). Real shares can participate in the first phase of the company’s earnings distribution, performance stocks can participate in the second phase of the earnings distribution. When the operating performance of a business reaches a stop-loss point, the shareholding of a manager is converted from a mixed stock to a purely human capital stock, and the performance can not reach the expected goal within two years.