财经研究
財經研究
재경연구
The Study of Finance and Economics
2014年
3期
135~144
,共null页
管理层薪酬 股价特质性波动 所有权性质 管理层持股 公司治理 在职消费
管理層薪酬 股價特質性波動 所有權性質 管理層持股 公司治理 在職消費
관리층신수 고개특질성파동 소유권성질 관리층지고 공사치리 재직소비
manager compensation; firm-specific volatility of stock returns; nature ofownership; managerial shareholding; corporate governance; perquisite consumption
如何减弱管理层的信息优势以缓解代理问题是公司财务领域的基础课题之一。文章通过检验管理层薪酬与股价信息含量的关系来回答这一问题。研究发现，我国上市公司管理层薪酬与股价信息含量负相关，而明晰产权、增加管理层持股以及提高公司整体治理效力能显著降低管理层薪酬与股价信息含量的负相关性。此外，文章还发现国企高管在职消费与股价信息含量也负相关。文章研究结果表明，我国上市公司必须先完善治理结构，才能通过薪酬补偿来激励管理层对外披露更多的信息。
如何減弱管理層的信息優勢以緩解代理問題是公司財務領域的基礎課題之一。文章通過檢驗管理層薪酬與股價信息含量的關繫來迴答這一問題。研究髮現，我國上市公司管理層薪酬與股價信息含量負相關，而明晰產權、增加管理層持股以及提高公司整體治理效力能顯著降低管理層薪酬與股價信息含量的負相關性。此外，文章還髮現國企高管在職消費與股價信息含量也負相關。文章研究結果錶明，我國上市公司必鬚先完善治理結構，纔能通過薪酬補償來激勵管理層對外披露更多的信息。
여하감약관리층적신식우세이완해대리문제시공사재무영역적기출과제지일。문장통과검험관리층신수여고개신식함량적관계래회답저일문제。연구발현，아국상시공사관리층신수여고개신식함량부상관，이명석산권、증가관리층지고이급제고공사정체치리효력능현저강저관리층신수여고개신식함량적부상관성。차외，문장환발현국기고관재직소비여고개신식함량야부상관。문장연구결과표명，아국상시공사필수선완선치리결구，재능통과신수보상래격려관리층대외피로경다적신식。
How to weaken the information advantages of the management to relieve principal-agent problem is a basic topic in corporate finance.This paper provides a solution to this problem through a test of the relationship between manager compensation and the infor- mation on stock prices. It shows that manager compensation in Chinese listed companies is negatively correlated to the information on stock prices, and the clarification of property rights, the increase in managerial shareholding and the rise in overall corporate governance significantly reduce this negative correlation. Furthermore, it also concludes that perquisite consumption of SOE executives is negatively correlated to the information on stock prices. It suggests that listed companies should first perfect governance structure in China to motivate the management to disclose more information through salary compensation.
