Research on the Theory and Empirical Evidence of the Chinese Professional Manager Market (Includes Disc)

Author: Xu Lin
Publisher:
Publish Date: 2006-10-01
Features: Based on theoretical deduction and empirical analysis, this book proposes that the development model of the professional manager market in China should be a synergistic development of the internal and external manager markets, and provides relevant policy recommendations. The author believes that when the external market suffers from inefficiency due to inherent flaws, the significance of improving the overall manager market efficiency through the development of the internal manager market is even greater. The institutional supply of the internal manager market is primarily reflected in the internal governance models and incentive mechanisms. Empirical analysis shows that equity allocation, operational control rights allocation, internal promotion systems, and benefit distribution systems all play important roles in enhancing the efficiency of the internal manager market. These endogenous rules among market participants alter their behavioral choices, thereby changing the behavior expectations of each party and the set of actions of participants, shifting the game equilibrium of market participants, and thus reducing the operating costs of the external manager market and improving the efficiency of the entire professional manager market. The institutional supply of the government as a third party should not be overlooked. The government can effectively promote the efficiency of the professional manager market by guiding and regulating educational and training institutions, improving the legal system, and fostering information intermediaries.