指出股份合作制的一个重要特征是委托人内化，即企业员工互为委托人及代理人．通过一个简单的企业模型，将股份合作制的这一特征纳入委托代理理论的分析框架，研究表明，在股份合作制下，尽管股权结构对员工积极性的发挥有重要的影响，但它并不能很好地解决员工“搭便车”（ｆｒｅｅｒｉｄｅｒ）问题，而一些在一般企业里行之有效的激励措施，在股份合作制企业里却可能失效 It is pointed out that an important feature of the stock cooperative system is the internalization of the principal, that is, the employees of the enterprise are the principal and agent of each other. Through a simple business model, this characteristic of the stock cooperation system is included in the analytical framework of the principal-agent theory. The research shows that under the stock cooperation system, although the ownership structure has an important influence on the enthusiasm of employees, it can not It is a good solution to the issue of employee free rider, and some of the incentives that are effective in a typical company may not work in a joint-stock company