基于充分信息的职业经理人外部约束体系的作用机理

Interaction Mechanism of Professional Manager's Outside Constrain System Based on Full Information

职业经理人的约束有三个层次,即自我约束、内部约束和外部约束。外部约束体系由产品市场、经理市场、资本市场、银行、法律体系和社会中介机构六个部分构成,产品市场的利润和市场占有率指标、经理市场的竞争选聘机制和经营档案制度、资本市场的股票价格变化等都能反映经理人的经营能力和努力状况,这些信息对经理人有很强的约束作用。此外,银行的信贷审查、法律对信息披露的保障以及对经理人行为的立法限制、社会中介机构的评价监督活动等也能从不同的角度形成对职业经理人的有效约束。职业经理人外部约束的过程其实是一个信息充分、透明、对称的过程。

Constrain system of professional manager has three levels： self- constrain, inside constrain and outside constrain. Outside constrain includes production market, manager market, capital market, bank, jurisprudence, and agency. Profits and market share in production market, competitive recruiting mechanism and management archive system in professional manager market, and stock price in capital market all can reflect the management capability and striving state of the manager. Those information have strong constrain effect to the manger. Besides, credit censor in the bank, laws throw daylight on information and constrain to manager＇s behavior, and assessment supervision of agencies also form an efficient constrain to professional manager. So we can conclude that outside constrain of professional manager is a full- information, transparence and syrmmetry process.