| Whether an economic system could utilize limited resources to reachthe social target efficiently, it depends on the economic stimulationmechanism to a great extent. The design of entrepreneur's compensationmechanism is an exquisite and complicated artistic creation, especially inthe state-owned enterprises of our country. To state-owned enterprises, on one hand, their ownership belongs to allpeople in theory, but this share can be ignored when being shared to 1,300million people. On the other hand, the government departments whichexercise national shareholder's power are not the right owners in the real"personality" meaning. They do not bear any responsibility to their owndecisions. And this often results in empty location of supervising. In fact,the value of the operators in the state-owned enterprises is basicallythought to equate with the administrator's value. This has deprived thedecision-making power of entrepreneurs, suppressed the striving andinnovative spirits that they should have, and hindered their full play andrealization of value as entrepreneurs. In this case, the efficiency ofproduction and management in enterprises is low generally. Thisphenomenon has caused and presented "cheapest entrepreneurs all overthe world, but most expensive entrepreneur's system". So it becomes akey subject to set up valid compensation mechanism in the SOE reform.The research of this subject is of great realistic meanings in practice andin theory to promote the SOE reform. This thesis combines such knowledge as economics, management andfinance theory. The author intends to commence on the analysis ofdifferent developing stage of enterprises. This paper is organized into fivesections. Chapter one: the introduction The author aims at drawing the theme of full text, how to perfectcompensation mechanism of entrepreneurs. This section provides anoverview of literature on common executive compensation. And it showsa clear picture of the current research situation. Chapter two: the economic and management explanations onentrepreneur incentive This section is theory foundation in the full text. The author analysesthe essence of motivation mechanism for entrepreneurs. Firstly, the authorpresents Maslow's Need Theory and Motivation-hygiene Factors ofHerzberg and points out that they are compatible. Modern enterprisesshould adopt many kinds of incentive measure to motivate entrepreneurs'behavior from the quantity and structure of compensation. Secondly, wediscuss that operation results should go on optimum distribution betweenowner and operators according to the design of operation mechanism ineconomics. It can make utility maximize of operator and owner cometrue. Chapter three: principles and requirement of entrepreneurs'compensation design in state-owned enterprises In this section, we insist on that entrepreneurs' compensation designshould accord with the environment of our country. First of all, weintroduce the structure of entrepreneurs' compensation .It is made up ofsalary, welfare and stimulations. Then we state the object ofentrepreneurs' compensation is to attract, keep and encourage themanager. Finally, we think we can review the validity of associationscheme from the level and constitute of the remuneration. Chapter four: a probe into yearly salary system and stock optionplan This chapter is an important part of the full text. It mainly expounds thetwo modes in the realities of our state-owned enterprises, yearly salarysystem and stock option plan. From analyzing their mechanism andpractice, we seek the difficulties of implementing these two modes andponder over ways to optimize and improve them. Firstly, we start from yearly salary system. It divides operator's income(S) into two parts, base salary (α) and risk income (βπ), namely: S =α +βπ.During the operation course of yearly salary system in our country, it hasbeen suspended for two times. In our opinion, there are three respects gowrong. They are respectively authenticator, confirm method and confirmsystem. To above-mentioned d... |
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