On the basis of the above, we sum up three effects brought by ESOP, which attribute to the improvement of the internal governance mechanism in private enterprises, then provide two cases for empirical analysis.

• 在此基础上，总结出员工持股使企业治理机制优化的三大效应：监督约束效应、激励效应、筹资效应，并佐以相关案例进行实证分析。