Abstract: At present the study on manager's incentive system mainly focus on the design of payment system, e.g. stock incentive, stock option and profit sharing, while the developed countries like American not only adopt the incentive methods, but depend on the incentive provided by comparatively complete external product market, capital market and manager market. Then with the incomplete external governance structure in China, the design of risk guaranty and personnel dismissal mechanism can substitute for external governance to a certain degree, and construct a complete managers incentive system with the function of payment system.
Publication Year: 2004
Publication Date: 2004-01-01
Language: en
Type: article
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