在所有权与控制权分离、公司利益主体多元化的条件下，实现公司价值最大化不仅有赖于公司的合理分工、理性决策和强力执行，还有赖于健全的激励与约束机制，特别是对公司管理者的激励与约束。有效地激励与约束机制对高素质管理者的形成至关重要，尤其是对国有企业的管理者。本文从我国国有企业激励与约束机制的现状出发，指出其同时存在激励不足和约束不力的问题，紧接着具体阐述了产生这些问题的原因，并指出建立健全我国国有企业激励与约束机制的难点所在。最后就如何进一步完善我国国有企业管理者的激励与约束制度提出了建议。

With the separation of enterprise's ownership and the right of management, how to maximize the enterprise's profits not only depends on the rational division of labor, rational decision-making and enforcement, but also depends on the perfect incentive and restraint mechanisms, especially the incentive and restraint mechanisms aimed at enterprise managers.Effective incentive and restraint mechanisms are very important for the forming of high quality managers, especially for the state-owned enterprise managers.First,this paper describes the present situation of the incentive and restraint mechanisms in our country,and points out that the incentive is not enough and the restraint is poor;Then,the paper analysises the causes of those problems, and points out the difficulty of setting up a sound of the state-owned enterprise incentive and restraint mechanisms;Finally,the paper puts forward some proposals on how to further improve our state-owned enterprise managers' incentive and restraint mechanisms.