The Analysis Of Business Manager's Payment Contract Based On Property Rights As A Relational Concept

With the development of market economy and the increasing size of enterprises, the separation of enterprise ownership and business right has become universal phenomenon and inevitable trend. Therefore, the professional manager has become an important link between shareholders and property rights of corporate. However, under the"economic-person" assumption, differences of their objective functions and the manager's information advantage make managers'"opportunism" behaviors and "moral hazard" as well as shareholders'"adverse selection" to be bad for operational efficiency of enterprises in different degrees. Western society, which originates in recognizing "rationality" as the dominant thinking and advocates the "individualism", conducts deep research in this problem using the principal-agent theory stripping managers'social attributes out the framework. However, when we use the principal-agent theory to explain the situation emerging in Chinese social enterprises stressing "emotionality" and praising "collectivism", big differences between reality and theory leave us large confusion.Therefore, under the framework of principal-agent theory, this article, which starts from the sociological view of " property rights as a relational concept " defining property rights as a bundle of relationships, will analyze the formation mechanism of managers'payment contract specifically in our society in the help of embedding social relationships in economic activities of managers and shareholders with embedding cultural ways of thinking in social relationships. Conclusions will be reached as the following: managers'payment contract has "relationships" binding characteristics; the cultural ways of thinking affects the formation of managers'payment contract by "relationships"; different structure of property rights adapts to different forms of managers'payment contract. All of these provide an appropriate direction that improving the market economic system and cultivating culture matched with the market economic system is an inevitable direction and trend to perfect managers'payment contract. But this is a long process, and we need to use alternative mechanisms of informal system such as the-job consumption and "relationships" marinating or else to hinder lubrication and friction in the economic development in this process.