CAJ | 학술논문

本文在明确定义在职消费经济性质的基础上,提出了一个有关在职消费的经验估计模型。借助这一经验模型,本文对国有企业管理层在职消费的相对水平做出估计,并以此为基础对国有企业管理层在职消费的决定因素及其经济后果做出实证检验。研究表明：影响国有企业管理层在职消费动机的激励因素主要有管理层现金薪酬水平、管理层和员工之间的薪酬差距、管理层持股、管理层的平均年龄以及公司规模,在职消费的地域性激励以及自由现金流量假说仅得到有限证据的支持,最优雇佣契约理论则没有得到支持;此外,资本市场能够及时识别在职消费的事前非效率。同时,国有企业管理层在职消费还存在着事后的低效率。
본문재명학정의재직소비경제성질적기출상,제출료일개유관재직소비적경험고계모형。차조저일경험모형,본문대국유기업관리층재직소비적상대수평주출고계,병이차위기출대국유기업관리층재직소비적결정인소급기경제후과주출실증검험。연구표명：영향국유기업관리층재직소비동궤적격려인소주요유관리층현금신수수평、관리층화원공지간적신수차거、관리층지고、관리층적평균년령이급공사규모,재직소비적지역성격려이급자유현금류량가설부득도유한증거적지지,최우고용계약이론칙몰유득도지지;차외,자본시장능구급시식별재직소비적사전비효솔。동시,국유기업관리층재직소비환존재착사후적저효솔。
Based on the definition of the economic nature of perk,this paper proposes an empirical model for estimating perks.Employing the empirical model,this paper makes estimation for perks in state-owned enterprises（SOE）and tests empirically the determinants and economic consequence of perks.The main factors influencing management perk incentives include cash compensation of management,compensation gap between management and employee,managerial ownership,the average age of management and enterprise size.Regional incentives for perks and free cash hypothesis are supported only by limited evidence,and optimal employing contract theory is not supported.Furthermore,capital market can identify the ex ante inefficiency of perks,and perks involved by management in SOE also have ex post low efficiency.