CAJ | 학술논문

行为是制度与绩效的中介，由于忽视了薪酬对参与者心理和行为的影响，传统代理理论框架下薪酬合约的激励效果是不明确的。文章实证检验了薪酬激励对管理者自信程度的作用。研究发现，薪酬（无论薪酬水平还是薪酬差距）是管理者自信程度的重要影响因素。与非国有上市公司相比，在国有上市公司中薪酬激励对管理者自信程度的正向促进作用更为显著；公司所在地市场化进程较高时，薪酬激励对管理者自信程度也具有更为显著的正向促进作用。
행위시제도여적효적중개，유우홀시료신수대삼여자심리화행위적영향，전통대리이론광가하신수합약적격려효과시불명학적。문장실증검험료신수격려대관리자자신정도적작용。연구발현，신수（무론신수수평환시신수차거）시관리자자신정도적중요영향인소。여비국유상시공사상비，재국유상시공사중신수격려대관리자자신정도적정향촉진작용경위현저；공사소재지시장화진정교고시，신수격려대관리자자신정도야구유경위현저적정향촉진작용。
Behavior is the intermediary between institution and perform ance. Owing to a neglect of the effect of compensation on participants psy chology and behavior, the incentive effects of compensation contracts under traditional agency theory framework are ambiguous. This paper empirically studies the effect of executive compensation on managerial confidence. It shows that executive compensation, whether compensation level or compen sation gap between managers, is an important factor influencing managerial confidence. Compared with nonstateowned listed companies, executive compensation in stateowned listed companies has a more significantly posi tive effect on managerial confidence; higher degree of marketization in the company location leads to a more significantly positive effect of executive compensation on managerial confidence.