南方金融
南方金融
남방금융
South China Finance
2014年
6期
60~65
,共null页
公司治理 管理层 薪酬设计 风险承担 研发行为
公司治理 管理層 薪酬設計 風險承擔 研髮行為
공사치리 관리층 신수설계 풍험승담 연발행위
Corporation Government; Management; Salary System Design; Risk Taking; R＆D Investment
本文从委托代理的角度研究了管理层薪酬、风险承担与企业研发行为之间的作用机制。研究发现：长期薪酬占总薪酬比重与研发投入呈U型关系；实际薪酬与预期绩效之间的差距也影响管理层的风险承担能力。当实际薪酬低于预期薪酬时，管理层面临“损失”，从而有动力为达到预定目标而开展“问题式研发”；而实际薪酬高于预期时，管理层满足于现状并希望控制风险，研发动机不强。为此，企业应合理设置管理薪酬体系。
本文從委託代理的角度研究瞭管理層薪酬、風險承擔與企業研髮行為之間的作用機製。研究髮現：長期薪酬佔總薪酬比重與研髮投入呈U型關繫；實際薪酬與預期績效之間的差距也影響管理層的風險承擔能力。噹實際薪酬低于預期薪酬時，管理層麵臨“損失”，從而有動力為達到預定目標而開展“問題式研髮”；而實際薪酬高于預期時，管理層滿足于現狀併希望控製風險，研髮動機不彊。為此，企業應閤理設置管理薪酬體繫。
본문종위탁대리적각도연구료관리층신수、풍험승담여기업연발행위지간적작용궤제。연구발현：장기신수점총신수비중여연발투입정U형관계；실제신수여예기적효지간적차거야영향관리층적풍험승담능력。당실제신수저우예기신수시，관리층면림“손실”，종이유동력위체도예정목표이개전“문제식연발”；이실제신수고우예기시，관리층만족우현상병희망공제풍험，연발동궤불강。위차，기업응합리설치관리신수체계。
Based on prospect theory, this paper investigates the mechanism among the salary system, risk taking and R＆D investment decision. The results show that the proportion of long-term compensation to overall compensation appeared a U-shaped relationship with R＆D investment. The distance between actual salary and expected performance also influences the risk bearing ability of management. When the actual salary is lower than expected salary and acing the loss, the management has the power to achieve the predetermined target to carry out ＂problematic R＆D＂ to settle pay plight. When the actual salary is higher than expected salary and acing the gain, the motivation of innovation investment is not strong. So, this paper has the conclusion that reasonable salary system should be built, which provided new angle of view for understanding the R＆D investment under the background of transition period.
