多业绩指标竞争与事前谈判:高管薪酬合约结构的新视角

被引：24

作者：

刘浩 ^{[1
]}

许楠 ^{[2
]}

张然 ^{[3
]}

机构：

[1] 上海财经大学会计与财务研究院

[2] 西南财经大学会计学院

[3] 华西证券有限责任公司

来源：

管理世界 | 2014年 / 06期

关键词：

高管薪酬; 收入达标; 利润敏感性; 多业绩指标;

D O I：

10.19744/j.cnki.11-1235/f.2014.06.010

中图分类号：

F272.92 [人事管理];

学科分类号：

1201 ;

摘要：

在中国高管薪酬合约中,多个业绩指标之间怎样相互竞争?这种竞争是否会使得薪酬合约谈判前置?中国上市公司在年度报告中通常会披露次年的收入目标,利用2001～2012年的数据,我们采用差分模型发现中国上市公司高管薪酬合约是复杂而动态的。复杂性体现在,对于民营企业,利润始终决定着高管薪酬的变化;但是对于国有企业,收入达标是利润指标使用的"门槛"(条件函数)——收入达标的情况下薪酬与利润高度相关,收入未达标的情况下薪酬与利润的相关性显著降低。动态性体现在高管薪酬可能不仅是事后的结果,国有企业高管更愿意通过事前谈判来减轻收入考核的影响。本文丰富了我们对于中国上市公司高管薪酬合约结构的理解,揭示了国有企业高管薪酬的"条件效率"特征,并将高管薪酬合约的研究从事后拓展到事前。

引用

页码：110 / 125

页数：16

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