努力水平:基金管理人内因核心行为分析

管理人的行为是所有生产资料中最关键的生产要素，对其进行深入研究目前理论上还是一个空白。本文创新性地修正了波特一劳勒的综合激励模型，恰当地揭示了管理人的行为模式，指出能力的提高只不过是前期的努力在当期的外在表现，努力水平才是基金管理人的内因核心行为，并提出了评价努力水平的DEA模型，依此来区分同一区域同一基金风格各个管理人的优劣，以规避管理人的道德风险与逆向选择，为基金投资者选择合适的管理人提供依据。

Efforts Level:Analysis on Funds Manager Key Behaviors Because of Internal Cause

Managers' behaviora are the most key factor in production, it is still a blank to carry on further (investigation) in theory at present.This paper has creatively revised the Porter-Lawler comprehensive encouragement model,appropriately announced the managers' behavior mode, point out that ability improvement are being looked on as the external manifestation of only the efforts of earlier stage, the diligent level is a key behavior of the fund manager because of internal cause, and provides the DEA method to appraises the efforts, to distinguish the managers' quality of the same fund style and the same area according to this, in order to evade the manager's morals risk and reverse choice,offering basis on which fund (investors) choose the suitable manager.