国有企业建立经营者激励与约束机制的探讨.pdfVIP

论文摘要 论文摘要 本文在借鉴经济学有关激励理论和西方企业成功经验基础上， 对建立国有企业经营者激励机制问题进行了探索。首先，通过对国 有企业经营者激励机制的现状评述，在有关激励理论尤其是代理理 论的基础上提出了激励机制设计的原则，比较分析了几种主要激励 方式如年薪制、期权和管理层持股等具体模式，阐述了激励模式选 择及综合运用对建立长期有效的经营者激励机制的重要作用。其 次，通过分析市场、法律两个外部制约因素以及来自企业的权利机 制、制度机制和监督机制的内部制约因索对经营者的约束和影响 探讨了如何建立经营者约束机制的问题。最后本文提出激励企业经 营者必须依据能反映其经营绩效的责任目标指标体系进行业绩评 价，并依据评价结果给予适当的报酬。本文提出的主要财务指标有 四个:净利润、投资报酬率、剩余收益和营业现金流量;非则务指 标有两个，即市场占有率和研究开发费用占销售收入比例。 关键词:激励约束 约束机制 评价指标 Abstract Abstract OnthebasisofboththemotivationtheoryofEconomicsandthesuccessful experienceofwesternenterprises,thisassaydiscussestheproblemthatishowto setupthemotivationmechanismforthoseexecutivesfromtheState-Owned Enterprises(SOEs),Firstly,妙 commenting。”thecurrentsituationofthe motivationmechanistsforSOEs,thisessaypresentsthedesigningprinciplesfor themotivationmechanismundertheguidelineofmotivationtheoryincluding agenttheory,comparesandanalyzesseveralprimarymotivationtoolssuchas annual-salary,optionandexecutivestockholding,andemphasizestheimportance ofboththeselectionandtheintegratedapplicationofmotivationmechanismon establishingthelong-termeffectivemotivationmechanism.Secondly,thisessay elaborateshowtosetupexecutivemotivationmechanismthroughanalysis砰the influenceandrestrictiononexecutivesfrombothexternalfactors(marketand law)andinternalfactorsfenterprisespowersystem,regulationsystemand supervisionsystem}.Lastly,thisessaysuggeststhatexecutivemotivationmust beproceededontheevaluationofexecutivesoperatingresultscomparedwith thepresetresponsibility-operationgoalindexandrewardorpunishthose responsibleexecutivesaccordingly.Therearefourmainaccountingindexes appearedinthisessayasfollowing:thenetprofit,thereturnrateofinvestment theresidualrevenueandtheoperatingcashflow,thenon-accountingindexesare themarketshareandtheratio叮researchanddevel叩mentexpensestosales reVen可」e Keywords:motivationandrestriction restrictivesystem Evaluationind