上海财经大学学报:哲学社会科学版
上海財經大學學報:哲學社會科學版
상해재경대학학보:철학사회과학판
Journal of Shanghai University of Finance and Economics
2014年
6期
62~70
,共null页
政府干预 市场化程度 政策性负担 高管薪酬激励
政府榦預 市場化程度 政策性負擔 高管薪酬激勵
정부간예 시장화정도 정책성부담 고관신수격려
government intervention; marketization; policy-based burden; managerial com- pensation incentive
文章从政府干预的角度,以2002—2012年我国A股主板国有上市公司为样本,分析了政府干预对企业造成的政策性负担以及政策性负担如何影响以会计业绩为基础的高管薪酬契约。结果发现:在样本期间,作为政府干预代理变量的市场化程度越高,冗余雇员规模越小;冗余雇员的存在显著降低了国有上市公司高管薪酬与业绩的敏感性,使得基于会计业绩的度量评价作用减弱。研究结果表明,因政府干预而导致的微观企业的政策性负担影响了高管薪酬激励。文章在理论上丰富了政府干预对企业微观影响的研究文献,在实践中对建立市场化的高管薪酬契约具有借鉴作用。
文章從政府榦預的角度,以2002—2012年我國A股主闆國有上市公司為樣本,分析瞭政府榦預對企業造成的政策性負擔以及政策性負擔如何影響以會計業績為基礎的高管薪酬契約。結果髮現:在樣本期間,作為政府榦預代理變量的市場化程度越高,冗餘僱員規模越小;冗餘僱員的存在顯著降低瞭國有上市公司高管薪酬與業績的敏感性,使得基于會計業績的度量評價作用減弱。研究結果錶明,因政府榦預而導緻的微觀企業的政策性負擔影響瞭高管薪酬激勵。文章在理論上豐富瞭政府榦預對企業微觀影響的研究文獻,在實踐中對建立市場化的高管薪酬契約具有藉鑒作用。
문장종정부간예적각도,이2002—2012년아국A고주판국유상시공사위양본,분석료정부간예대기업조성적정책성부담이급정책성부담여하영향이회계업적위기출적고관신수계약。결과발현:재양본기간,작위정부간예대리변량적시장화정도월고,용여고원규모월소;용여고원적존재현저강저료국유상시공사고관신수여업적적민감성,사득기우회계업적적도량평개작용감약。연구결과표명,인정부간예이도치적미관기업적정책성부담영향료고관신수격려。문장재이론상봉부료정부간예대기업미관영향적연구문헌,재실천중대건립시장화적고관신수계약구유차감작용。
From a perspective of government intervention, this paper analyzes policy-based burden resulting from government intervention and the effect of policy-based burden on accounting-performance based managerial compensation incentives based on a sample of A-share state-owned enterprises listed on the Shanghai and Shenzhen stock exchanges from 2002 to 2012. It arrives at the conclusions as follows: during the sample period, higher degree of marketization as a proxy of government intervention results in small scale of redundancy employees; the existence of redundancy employees signifi- cantly reduces the managerial compensation-performance sensitivity in state-owned listed compa- nies, weakening the accounting-performance-based measurement and evaluation role. It shows that policy-based burden in micro~firms resulting from government intervention affects manageri- al compensation incentives. It enriches the theoretical literature of the effect of government inter- vention on firms at micro level and provides reference for the establishment of market-oriented managerial compensation contracts in practice.