金融资产管理公司的激励与约束机制——兼论金融资产管理公司的改革

The Mechanism of Encouragement and Restraint of AMC:Coming Reforms of AMC

目前资产管理公司功能定位存在缺陷,虽然为具有独立法人资格的国有独资金融企业,但不具有现代企业的特征,在运作中缺乏来自市场的压力和内在压力,公司内部没有一个良好的激励和约束机制。随着金融体制改革的推进,资产管理公司的商业化条件成熟。因此,应明确资产管理公司的市场主体地位,通过产权改革,完善公司治理结构,采用“内部期权”,形成对管理层有效的激励和约束机制,试行“期薪”制并建立员工发展基金等激励措施,实行以项目招标和监控机制为核心的约束机制。

At present, there are many drawbacks in the function of Fixed position of AMC, although it has the qualification of independent legal person as state-owned financial corporation with private capital, it doesn＇ t have characteristics ＆ modem enterprises during operation, it lacks the pressures from market ＆ its own. There＇ s no good mechanism of encouragement ＆ restraint in corporations, with the advance of financial system reform, commercial condition has ripen in AMC. Therefore, the main body of AMC should be clarified in market by reforming property right, perfecting administrative structure of corporations, forming the mechanism of effective encouragement ＆ restraint to managers, reforming the profit distribution, to establish ESOP plan and so on.