制约性公司治理结构的基础是制约性的股权结构和控制权结构 ,为建立制约性的公司治理结构 ,必须重构上市公司股权结构和控制权结构。本文对优化董事会内部结构、优化监事会权力结构和成员结构、形成经营者市场选择机制等问题进行了探讨 ,认为 ,对于经营者激励而言 ,实股制优于股票期权制。 Restrictive corporate governance structure is based on restrictive ownership structure and control structure. To establish a restrictive corporate governance structure, the ownership structure and control structure of listed companies must be reconstructed. This paper discusses the optimization of the internal structure of the board of directors, the optimization of the power structure and membership structure of the board of supervisors, and the selection of the market mechanism for the formation of the market operators. It holds that for the manager incentive, the real stock system is superior to the stock option system.