CAJ | 학술논문

在我国公司管理者的薪酬激励体系中，年薪、股权激励和在职消费是三个重要组成部分．系统地研究这三个组成部分之间的关系及其对公司绩效影响．对于建立有效的管理者薪酬激励制度和完善公司治理具有重要意义。本文从合作博弈的角度出发。在非对称Nash讨价还价模型的基础上．通过引入内生化的讨价还价力．构建了一个内生化的Nash讨价还价模型，并应用此模型系统地分析了管理者年薪、股权激励与在职消费之间的关系。本文理论模型分析表明：在给定年薪的情况下，管理者持股比例与在职消费之间存在替代关系。本文运用2005—2010年沪深两市A股上市公司面板数据对上述分析结果以及管理者年薪、股权激励、在职消费与公司绩效之间关系进行了实证分析，结果发现：管理者持股比例和在职消费之间存在替代关系．管理者持股比例的增加能够抑制在职消费．从而提高公司绩效。
재아국공사관리자적신수격려체계중，년신、고권격려화재직소비시삼개중요조성부분．계통지연구저삼개조성부분지간적관계급기대공사적효영향．대우건립유효적관리자신수격려제도화완선공사치리구유중요의의。본문종합작박혁적각도출발。재비대칭Nash토개환개모형적기출상．통과인입내생화적토개환개력．구건료일개내생화적Nash토개환개모형，병응용차모형계통지분석료관리자년신、고권격려여재직소비지간적관계。본문이론모형분석표명：재급정년신적정황하，관리자지고비례여재직소비지간존재체대관계。본문운용2005—2010년호심량시A고상시공사면판수거대상술분석결과이급관리자년신、고권격려、재직소비여공사적효지간관계진행료실증분석，결과발현：관리자지고비례화재직소비지간존재체대관계．관리자지고비례적증가능구억제재직소비．종이제고공사적효。
Executive compensation,equity incentive and perks are three important parts of management incentive system of Chinese corporation. It is meaningful to systematically research the relationship among these factors and the effectiveness to corporate performance. From a perspective of cooperative game theory, this research establishes an asymmetric Nash bargaining model with endogenous bargaining power and analyses the relationship of different parts of executive compensation, which include annual salary, equity share and perk. According to this framework, there is a substitute relationship between equity share and perk when annual salary is given. And such relationship is verified by the empirical analysis based on the data of listed corporation on the stock market of Shanghai and Shenzhen from 2005 to 2010. Furthermore, this paper examined the relationship among annual salary, equity share and perk and firm performance. Finally, we conclude that increasing executive equity share could enhance corporate performance by reducing executive perks.