风险投资、创始人与高管薪酬——多边代理视角

被引：22

作者：

陈闯 ^{[1
]}

张岩 ^{[2
]}

吴晓晖 ^{[1
]}

机构：

[1] 厦门大学管理学院

[2] 江西财经大学会计学院

来源：

管理科学学报 | 2017年 / 20卷 / 06期

关键词：

多边代理理论; 风险投资; 创始人; 管理层薪酬; 新上市公司;

D O I：

暂无

中图分类号：

F272.92 [人事管理]; F275 [企业财务管理];

学科分类号：

摘要：

风险投资与创始人是新上市企业股东中对公司治理制度形成具有重要影响的两类股东.对于管理层薪酬制度的形成,这两类股东具有较强的治理动机与能力,同时存在不同的治理诉求.用多边代理理论视角,将这两类对新上市企业管理层薪酬制度具有不同利益导向的角色整合在同一框架之中,分析他们对于新上市企业薪酬制度的影响.分析与实证表明,风险投资的存在,会提高新上市企业管理层的整体薪酬水平,扩大管理层内部薪酬差距,并且提高管理层的薪酬敏感系数.与此相反,创始人的存在则会导致管理层薪酬偏低,并且抑制风险投资对管理层内部薪酬差距与薪酬敏感系数的影响.

引用

页码：78 / 88

页数：11

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