The Research On Incentive Of Neo-SOEs' Top Managers

The reform of state-owned enterprises (SOEs) is carried on step by step with the building of the social market economic system in China for 30 years, which brings out the Neo-SOEs characterized by diversified ownership and market-oriented management. For their complex and variable characteristics, the Neo-SOEs have won lots of achievements in the period of changing from the centrally planned economy to a market based economy. The Neo-SOEs manipulated many reforms to the top managers' incentive mechanism by market rules. But for the influence of centrally planned economy, the incentive mechanism still lacks the construction of auxiliary systems to promote the systematization. As the particularity of Neo-SOEs, the building of incentive mechanism of top managers has become a complex system.On the basis of reviewing the process of the reform of state-owned enterprises, this paper analyses the evolvement and deficiency of incentive mechanism of top managers in every phase. By analyzing the character of Neo-SOEs in China, this paper puts forward a series of solutions of this problem. And then, this paper analyses the environment and compensation incentive, control rights incentive and reputation incentive mechanism, and builds a Comprehensive Analytical Model of top managers' incentive mechanism. From this model, we can see that the internal and external environment and every factor of top managers incentive is related, interacted, mutually influenced. Therefore, the top managers of Neo-SOEs can only be greatly incented by improving all the aspects of system. At last, this paper uses the theoretical framework to analyze the typical Neo-SOEs, Hisense Group's current situation, which reveals the compensation incentive, control rights incentive and reputation incentive mechanism in real Neo-SOEs.