CAJ | 학술논문

为了研究高管激励与企业绩效之间的内生性关系，本文把高管激励分为薪酬激励与股权激励，采用经济附加值（Economic Value Added ，EVA）为衡量绩效的指标，建立单一方程与联立方程模型进行实证分析。结果表明，高管激励与企业绩效存在内生性关系。高管激励对于绩效具有促进作用，而企业绩效在一定程度上又实现了高管激励机制。
위료연구고관격려여기업적효지간적내생성관계，본문파고관격려분위신수격려여고권격려，채용경제부가치（Economic Value Added ，EVA）위형량적효적지표，건립단일방정여련립방정모형진행실증분석。결과표명，고관격려여기업적효존재내생성관계。고관격려대우적효구유촉진작용，이기업적효재일정정도상우실현료고관격려궤제。
The paper studies the endogenous relationship between executive incentive and corporate performance .The executive incentive is divided into compensation incentive and equity-based incentives . Economic value added (EVA) is used to measure the company performance .The single equation model and simultaneous equations models are established for the empirical analysis .The results show that there is an endogenous relationship between executive incentive and corporate performance .Executive incentive has a positive effect on performance ,and corporate performance conctributes to executive incentive to a certain degree .