经理市场与产品市场

通过对企业激励机制的分析，指出当且仅当不同企业所属的产品市场不存在相关性时，经理市场才没有任何作用；否则，企业总是可以通过产品市场的竞争来促进经理市场的竞争并从中获利．产品市场一个很重要的作用就是提供关于经理能力的额外信息，而提供信息的途径是把不同经理的业绩进行比较，以过滤环境噪声．经理之间的共谋行为将使产品市场的比较失效，应加以制止．产品市场的有效竞争只与产品的相关性有关而与企业的数量无关．

Managerial Labor Market and Product Market

This paper points out that only and if only there exists no covariance between the products of the different firms, will the managerial labor market lose any function. Otherwise, the owner can take advantage of the product market to improve its situation. It can compare the performance of the manager in the product market and, in this way, the true information about the capability of the manager is revealed. The collusion between the managers will make the comparison useless, which should be prevented from.