Contemporary company theory thinks, the enterprise is an agree meet by appointment, it is a kind of means that property right trades between the individual, the extraordinary agreement that is capital of a manpower and impersonal force capital (Zhou Jiren 1996) . Matter right is to show law gifts the exclusiveness right that someone has something, it is the attributive mark on the legal meaning of content only, emphasize particularly on possessory the condition description that has thing; Property right is to show the place after content enters real economic activity causes what the interest of person and world concerns to limit, emphasize particularly on the behavior of economic activity go-between, it is clear that this limits a possibility point out (in be like law, set) , also may be implicit (if morality, custom is medium,reflect) . According to contracted spirit, property right is with content authority is a foundation, but not be the right that controls content, control however valuable the right of the interest, the exercise of property right should serve as a foundation with free movement, can be restrained the tie that reacts with other benefit principal part by reason of regime tie, individual. Conclude as enterprise bond manpower capital of the person and those who be not manpower capital is possessory it is a foundation with his matter right, it is the property right main body of independent equality, the risk that bond of accountability joint responsibility brings imperfectly; At the same time the right shares company ownership, the rest that acquires a company demands authority and odd control right. From should like that right angle sets out, the ownership that main body of each property right shares a business is an enterprise endogenous feature, serve as the stock of operator hold company with manpower possessory capital to have certain legal principle base so. It is market economy to the attention of manpower capital develop certain level yes the requirement of internal system, begin to carry out since March 1, 2006 " state-owned accuse appear on the market company (outside the condition) method of try out of executive equity drive " hold operator with legal form should like that the right tried to affirm, the law that makes is changed, the system is changed. Traditional point of view thinks, operator works for partner, the target of operator should be subject to the target of partner, partner is in after paying firewood reward to operator, partner has complete the rest to demand right, common says " capital wage labor " . Just say like Mencius place " have-not does not have perseverance " , be in current " strong possessory, weak possessory " below the circumstance, the operator exercise the rest that lets demand right without the rest controls right, he can abuse this kind of right with seek expedience, undertake " converse choice " and " moral risk " . The symmetry that the efficiency body of business processing structure demands authority and odd control right in the rest now (Milgrom And Roberts, 1992) . Because the behavior of operator observes hard, the performance of operator action also hard accurate quantify, cause possessory increase to the supervisory cost of operator; At the same time the manpower capital of operator always has natural unique property, always seek the market that achieves ego initiatively, in always waiting for the individual with specific some of aeriform formal consist in with knowledge, ability, skill or effort, have " cannot squeeze extract " quality (Zhou Jiren 1995) , once the property right right of manpower capital is damaged, its asset can devalue immediately or all gone, what cannot ignore pair of operator so is incentive. Grossman, hart (1986) theory of new property right makes clear, bond and property right are two problems on different level. The behavior that always can decide, the behavior of OK and clear definition and performance, ought to be solved with contracted means; Always beforehand defines clear conduct hard, with respect to application property right tries to solve. To make shareholder interest and operator profit more consistent, can share the one share ownership of the enterprise by operator, will exterior problem " interior is changed " . Property right is the foundation of credit, meng Desi turtledove " the god that property right is morality " , protected property right only, just have the hope that establishs reputation, decrease " converse choice " and " moral risk " . Operator wants not only to the property right of the enterprise clear, and should undertake reasonable configuration, operator is held solid like that right configuration process is a between main body of different property right long-term trends process of rich play chess, the result of configuration depends on the negotiation force of main body of each rich play chess mixes enterprise interior the outside system environment with this rich located play chess. In contemporary company bond, the droit that serves as operator and partner and enterprise is undertaking long-term gain weichis, this kind of Bo Yike uses Rubinstein(1982) call price model to try to describe by turns: Participate in a person suppose 1 it is partner, participate in a person 2 when operator, partner and operator have one person only each, should share a business. Participate in a person 1 make price first, put forward advantageous oneself allocation scale, him deal out X1, participate in a person to 2 choices are accepted or refuse. If participate in a person,2 choices are accepted, criterion rich play chess ends; If participate in a person,2 choices refuse, participate in a person 2 counter-bid, put forward advantageous oneself allocation scale, him deal out X2, . If participate in a person,1 choice is accepted, criterion rich play chess comes here end; If participate in a person,1 choice refuses, participate in a person 1 bid again. Such move back and forth arrives boundless second, so this is a play chess of termless perfect information rich. Participate in a person suppose 1 parting with the discount factor of 2 is δ 1 with δ 2, rich play chess is in T period ends, t is the bade stage that shares person I, participate in a person the disbursement of 1 sticks present worth " Л = δ 1t-1x1 " , participate in a person the disbursement of 2 sticks present worth " 2t-1 of Л = δ (1-x1) " , so this Bo Yizhong is exclusive child Bo Yina assorted is balanced the result is: X1*= (1- δ 2) / (δ of 1- δ 1 2) X2*= δ 2 (1- δ 1) / (δ of 1- δ 1 2) analyse through above knowable: The first, operator firewood proposes a toast by the past simple " contract sex income " raise firewood to make development be complex now " contain property right drive " share make, it is the process of a history. In the past, what accumulate as a result of social material fortune is insufficient, impersonal force capital is relatively scarce be short of, the shareholder that has impersonal force sth used to one's own advantage is showing his actual strength to the market, basis signal shows a principle (Zhang Wei is greeted 1995) , have negotiation power more, the contracted negotiation that is in an enterprise holds active position; At the same time manpower capital shows a mechanism as a result of the signal with effective lack and get the market the worry of converse choice, be in passive position completely. So, partner to this everything all stops eye ground, use retrorse and Baconian, make full use of to use a dominant position first, the first phase that weichis in rich weichis with respect to end rich, acquire all property; Operator is obtained only fixed " contract sex income " . As the elapse of time, expand of enterprise dimensions ceaselessly and of management specialization increasingly, the administrative ability of operator major is crucial to business development, relatively rare be short of a gender more and more outstanding, manpower capital investment has special sex more and more, have negotiation power more and more in enterprise bond; Contrary, the development of money market makes the supply of impersonal force capital becomes relatively ample, good negotiability makes its have more versatility more and more instead. Initiative agreement is not be stable state, as the negotiation force between partner and operator contrast changes, rational partner begins to respect and admit rights and interests of operator property right, operator will acquire the property of the one part of the enterprise. Basis signal demonstrates theory, the construction that wants the construction that strengthens market of our country capital and handler market, so that enhance the price action of the market. The 2nd, the balanced result that rich weichis is to participate in 1 of δ of person discount factor, δ the function of 2. From fore-and-aft look, the droit configuration of same company is a dynamic process; From transverse look, different company ownership configures contemporaneity to be put possibly in difference. So, on one hand, operator firewood proposes a toast the system also is a dynamic process essentially, it is so in the process of executive equity drive, should with when all is entered, cannot become rigid, in times of current knowledge economy, should act on esteem knowledge, respect a person with ability, take the requirement with manpower possessory capital seriously, progressively executive equity is incentive, the harmony that founds operator and partner, enter atmosphere in all; On the other hand, in the process of executive equity drive, want to hold to be practical and realistic, specific issue is specific analysis, cannot " one knife is cut " , " be fooled and go up " , should consider a company integratedly located industry, dimensions, enterprise is located lifecycle phase, reach the main factor such as the risk manner of partner, operator, of the operator that decides each enterprise scientificly oppose a scale. The 3rd, this rich play chess is partner and operator between " absolute gain weichis " . One of, bo Yiben asks Bo Yishuang just is rational personally, but our country is current and state-owned the enterprise is possessory " phantom " the question that seems to not allow to ignore now, what should join state-owned company so is strategical reorganization, implementation is possessory " solid change " , in strengthening its to weichi in property right rich further " reason " ; Secondly, "Absolute gain weichis " the requirement realizes gain truly between play chess main body " independent " , be in " strong controller, weak possessory " times, appear easily right " absolute gain weichis " deviate, make operator is held not only did not alleviate acting problem, make the one part of acting problem instead, want to build perfect operator market so; Thirdly, any rich play chess fall at particular system environment, want to strengthen construction of property right system and reform so, ensure partner and operator participate in play chess of property right rich with the identity of independent equality, better implementation fairness and efficiency, because any factitious interference can increase only,trade cost. Current, firewood of the person that perfect battalion of already of our country contemporary look forward to proposes a toast the system basically is the exterior market environment that improves a business, specific and character: It is to execute state-owned company strategy to adjust, perfect appear on the market mechanism of competition of market of company control advantageous position, implementation is possessory " solid change " . Should breaking state-owned " one alone big " , achieve state-owned legal person share " completely current " below premise, introduce strategic investor, carry out relegate voting system, accumulate voting system safeguard is broad in small shareholder the equal right on shareholder plenary meeting, those who achieve equity structure is much " extremely " change opposite concentration, promote possessory " solid change " , thereby keep within limits " in-house person is controlled " phenomenon. Such, optimized contributive structure is the premise that improves processing of state-owned company company, also be a company possessory the operator that selects have both ability and moral integrity provided power, stimulative operator diligence is responsible, keep within limits " converse choice " , reduce acting cost. 2 it is to build perfect operator market as soon as possible, form benign operator to produce a mechanism. Market competition makes successful company not only, outstanding operator also forgings in the meantime. Below condition of our country socialist market economy, the market is the foundation that resource configures, can optimize configuration operator resource through the market, the operator that realizes an enterprise appoints change to be the configuration of operator profession market by the administration in the past, implementation politics look forward to is apart, the professionalism of stimulative operator market, association is changed, establish industry self-discipline mechanism, stimulative operator proposes a toast the position becomes independent in contracted negotiation in firewood, better maintain self interest. Carry the operator market of superior bad discard, can promote the overall quality of operator not only, and conduce to the partner price to operator, go up in certain level but keep within limits " converse choice " , reduce the acting cost of the company thereby. 3 it is the capital market that perfects our country as soon as possible. Perfect capital market only, develop its signal adequately to display a function, the achieves pair of manpower sth used to one's own advantage drive with nicer gift and tie. Equity drive serves as solve one of important steps that entrust acting problem, cannot leave a perfect stock market. The drive that runs good stock market to be manpower capital not just and tie must provide main tool, also to examine company outstanding achievement offerred important objective step. Only mark of outstanding achievement check has objectivity definitely, the incentive mechanism ability such as equity, period authority passes a symmetrical information between operator and investor, can adjust the acknowledge of operator and behavior deviation thereby, transfer its manpower capital adequately, utmost ground promotes a company outstanding achievement. (www.my-paper.info my paper)