Incentive And Disciplinary Mechanism Of Executives And State-owned Enterprises Reform

One of the basic features of the modern enterprise system is the separation of ownership and operation, which gives birth to the problem of principle and agent。At present, the reform of state-owned enterprises (SOEs) aims to establish modern enterprise system and to rebuild SOEs into standardized corporations according to the principle of "explicitness of property right, definitude of obligation and right, and scientific management"。Because of informational asymmetry and discrepancy of goal of executives and that of enterprises, the cost of principal-agent comes into being and the problem of "moral hazard " and insider control generally exist。It is generally thought that incentive and discipline are the two basic ways used to reduce the cost of principal-agent。In this paper, based upon the research results of precedents, it borrows and absorbs the advanced the theories of modern principal-agent system of the western countries. At the same time ,according to Characteristic of China's enterprises and situation of China,the theories of economics and management are used to make deep and detailed research of the governance structure and incentive and disciplinary mechanism of executives。 And on base of analyzing status quo of incentive and disciplinary mechanism in SOEs and essences of SOEs, classified SOEs reform is discussed。In this way, the problem that designs incentive and disciplinary mechanism in SOEs is discussed. It is the core of SOEs reform that perfects corporation governance structure and establishes incentive and disciplinary mechanism of executives。Incentive mechanism of executives mainly consists of money incentive , psychic incentive and position consumption incentive。The comprehensive governance structure of the combination of internal supervision mechanism and external supervision mechanism of enterprises is set forth。On the premise of the categories and goals of SOEs, in order to guarantee the reality of goal of incentive and monitor to enterprises in SOEs , the reasonable index of examining outstanding achievement should be chosen。And it should be insisted that physical incentive be united with psychic incentive effectively, and effective measures be adopted to realize the goals of incentive mechanism and disciplinary mechanism of executives of SOEs.