第三部分，经理约束机制的构建。
The third part, manager restrains the mechanism constructing.
因此，如何建立一个有效的机制，来激励约束基金公司和基金经理，使他们更好地为广大投资者服务，就成为一个引人注目的问题。
So, how to construct a efficient mechanism to motivate and to constraint fund managers so that they can work hard for the funds investors is an important question.
从非正式约束角度来分析，在集体文化形态中的集体惩戒机制下，股东与经理之间信任与忠诚的关系是一个重要因素。
Judging from its informal obligations, the confidence and loyalty between business owners and the management are the most important factors supported with collective penalty mechanism.
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