The Zesearch On The Mechanism Of The Motivation-constraint Mechanism Of Our Country's Fund Managers

In the recent years,the fund industry develops fast,but there is a unisonous phenomenon that public fund managers transfer to private placement fund at a high rate.What is the reason? Making reference to the researches of the experts' home and abroad,the author uses standard analysis and comparative analysis to research the public fund manages' changing employment behavior aggressively basing on principal-agent theory,management motivating theory and enterprise human capital operation theory.After Making reference to the related research of the experts home and abroad,this thesis analyzes the motivating extent to the fund manager of the three types of outstanding achievement payment rewarding schemes theoretically,then compares and analyzes that the motivation-constraint mechanism of Chinese and American public fund and private placement fund manager,and points out the reasons why fixed management fee mechanism is operated in China with a lot of disadvantages.Finally,it points out the following main reasons why fund manager transferring from public fund to the private placement fund:sharing the residual claim and residual rights of control,the realization of human capital payment and making invisible payment such as reputation visible to be currency payment.But the public fund doesn't have the system path.Based on the theory analysis and practical analysis,the thesis designs the reasonable motivation-constraint mechanism in our country from visible motivation-constraint mechanism and invisible motivation-constraint mechanism two perspectives.Then it points out that outstanding achievement motivating mechanism,fund share motivating mechanism and fund management company share motivating mechanism should be operated in our public fund at present.Finally,the author puts forwards to some suggestions and strategies from fund holder,fund management company and fund governance three perspectives.