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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．
Through the analysis of enterprise incentive mechanism, it is pointed out that the manager market has no effect if and only if there is no correlation between product markets owned by different enterprises; otherwise, firms can always promote competition in the manager market through competition in product markets Profit from it An important role for the product market is to provide additional information about the capabilities of the manager. The way to provide information is to compare the performance of different managers to filter out environmental noise. Collusive behavior among managers will invalidate the product market and should be stopped. Effective competition in the product market is only related to the product’s relevance but not to the number of companies.