The manager s effort comes from the explicit incentive and two implicit incentives (the reputation effect and ratchet effect).

An orderly managerial labor market is the carrier for the liberalization of managerial labor, whilst the implicit incentive from the managerial lab.

For the moment,the research on the incentive problems of the manager of the state-owned enterprises focuses on such explicit incentives as annual pay,bonuses,options and so on,but lacking the research of the other part of the incentive mechanism-systematic research on the implicit incentives which based on Managerial Labor Market.

Based on the recognition of defects in the literatures on implicit incentives accordint to career s concerns,we model manager s multiperiod combinative incentives,derive the optimal incentives,and study the features in the optimal incentives.

For the moment,the research on the incentive problems of the manager of the state-owned enterprises focuses on explicit incentives,but lacks the research on the implicit incentives which bases on Manage- rial Labor Market.

Management fraud as the fraudulent acts of the manager to pursue opportunistic,which is related to the natural incomplete of managerial compensation contracts,limitation of the performance evaluation index and management and the hidden incentive of the managerial compensation.

The recessive motivation consists of internal and external motivators.

The paper analyses combinative incentive contract,including implicit incentive contract based on subjective performance and explicit contract based on objective performance to entrepreneur human capital.