Study Of Incentives And Constraints In The State-owned Capital Operation

Excellent entrepreneur is an important resource to enterprise's development even to development of country's economy; however, this kind of resource is very scarce. Whether a economic mechanism could use limited recourses efficiently to achieve the expected target of society lies on the existence of effective motivation and discipline mechanism. These years, the research on motivation and discipline mechanism has caught extensive focus and debut.In the past period, the research on motivation and discipline mechanism eyed on reward and punishment to employees, but ignored the operators. Since the reforming and opening up especially 90s, under the Principal-Agent, people had come to realize the human resource is the deciding power to development of enterprise. This human resource is "positive asset" as Barzel said, its exploitation and utilization controlled by owner (entrepreneur). When the part restricted by property right of human resource was limited or deleted, the owner of this property could "close" the responding human asset, leading to human resource's deformity in the view of Demsetz. Most importantly, the property of that part limited and deleted cannot be collected in other owners to exploitation and utilize. The deformity could decline the asset's economic value strongly. So, the motivation and restrict to operators has become the focus of modern motivation theory. Among numerous motivation methods, the reward to operators is the most important one, follow the reason not only the reward's economic effect but also its symbol significance on social status, succeed, power even dignity.Mechanism is the key point to enhance the operating efficiency of state-owned assets. The establishment of the motivation and restrict mechanism intended to release the power farthest of human as the most active element in productivity. The operators are at the key position in operation of state-owned assets, who shoulder the important missions including operating state-owned assets, marketing, interior management and policy building. We have affirmed many operators' great achievements, but at the same time we should envisage the operator of state-owned enterprise have many difficulties reluctant to mention and some problems such as their complaint, their imbalance in mind, the invest eager for quick success and instant benefit, consuming out of control, engross profit, divert assets, feather their nests and embezzlement.The so-called "agent problems" between owners and operators always exist such as disaccord of target and benefit, information dissymmetry and inequity of responsibility and risks, as long as owners authorize operators. Non-state-owned enterprise has some conditions decrease "agent problems" due to its property characteristics and flexible mechanism. In order to training numerous excellent entrepreneurs, we must attach importance to research on "agent problems", establish perfect motivation and restriction mechanism and manage the benefit relationship appropriately between country and operators.This thesis is researching on the follows aspects basing on the characteristics of our market economy in order to find a way to enhance operating efficiency of state-owned assets through motivation and discipline:First, through summarizing the research outcome of motivation and discipline mechanism theory within the country and abroad, a viewpoint was advanced that the theory of demand is the theory basement of motivation and discipline mechanism, and the demonstration to the necessity of establishing motivation and discipline mechanism to operating the state-owned assets was carried through from two aspects: the relationship in modern enterprise (the corporation property right relationship between shareholders and the director board, the separate relationship of corporation property right and operating right between the director board and operators, the laboring contract system between operators and employees), the practice of our country's distribution system. Also, the research went deep into t...