经理人的激励机制:内部分成激励、外部市场惩罚与内部治理惩罚

目前对经理人的激励机制的研究主要集中在股权激励、股票期权以及利润分享等报酬制度的设计上，而以美国为代表的市场经济发达的国家采用这些激励手段的同时还依赖于相对完善外部的产品市场、资本市场和经理人市场给予的外部激励。那么在我国外部治理尚未健全的情况下，风险抵押金和任免机制的设计将能形成一定程度对外部治理的替代，与报酬制度共同作用构成一个完善的经理人激励制度。

Manager Incentive Mechanism:Internal Participation,External Market Punishment and Internal Governance Punishment

At present the study on manager's incentive system mainly focus on the design of payment system, e.g. stock incentive, stock option and profit sharing, while the developed countries like American not only adopt the incentive methods, but depend on the incentive provided by comparatively complete external product market, capital market and manager market. Then with the incomplete external governance structure in China, the design of risk guaranty and personnel dismissal mechanism can substitute for external governance to a certain degree, and construct a complete managers incentive system with the function of payment system.