证券投资基金管理人的最优激励合同研究

The optimal encuragment contract for stock investment foundation manager

本文讨论了证券投资基金中投资人和基金管理人的委托－代理关系，给 出了在考虑投资总收益作为单一可观测变量和包含其它可观测变量两 种情况下管理人的最优激励合同，得到了几个有意义的结果。

This paper facus on the Client-Agent relationship between investor and foundation manager,and gets several meaningful results under the toss income as the unique visuling,amount and others.