With the ever increase of the supervisory cost and risk, manager compensation system will be based on the residual claim after the stockholder taking the fixed profit of the enterprise.

• 随着监督成本越来越高，外部风险越来越大，经理人报酬制度必将向着经理人具有企业的最终剩余索取权而股东享有满意利润的方向发展。