高管团队长期薪酬差距影响因素

对我国上市公司高管团队长期薪酬差距的影响因素进行了实证研究。研究结果表明,公司绩效、公司规模、国有股比例及独立董事比例对高管团队长期薪酬差距有显著的影响,而股权集中度、两职合一及竞争CEO人数对高管团队长期薪酬差距尚未构成显著影响。     

银行业市场结构对企业CEO薪酬的影响——对CEO薪酬国际差异的一种解释

关于CEO薪酬的水平、结构、增长速度、CEO和中层管理者之间的薪酬差距,各国之间存在很大的差异.利用来自文献的国别数据,实证研究发现,这些差异与各国银行业的市场结构有关.银行通过向企业传递信息,可以影响CEO薪酬的结构和水平.银行业的市场集中度越低,基于股票的薪酬方式在CEO总薪酬中所占的比例就越高;在股市上涨期间,总薪酬的水平和增长速度就越高,CEO和中层管理者之间的薪酬差距就越大.     

企业间关系资本与高管薪酬

本文基于2003—2010年沪深A股上市公司数据,将高管的企业间关系资本操作化为网络位置(集中度和结构洞)后,研究发现:高管的企业间关系资本与高管薪酬显著正相关,即高管在企业间关系网络中的集中度越高,其薪酬水平越高,高管在企业间关系网络中的结构洞数目越多,其薪酬水平越高;另外,笔者发现在对高管薪酬的影响程度上,集中度要强于结构洞。上述发现不仅在理论上表明企业间关系资本能够影响高管的薪酬水平,同时也在实践中为制定高管薪酬决策提供有益参考。     

基于企业股权薪酬制的若干思考

随着社会的发展,薪酬制度的不断完善,越来越多的公司为了合理激励公司管理人员,创新激励方式,逐渐开始将股票期权等纳入薪酬范围,形成了股权薪酬这种激励机制。本文通过对股权薪酬的本质和目的的研究,分析其价值与风险,从而得出股权薪酬制的适用条件及要注意的问题。     

高管薪酬、公司治理与公司业绩——基于沪深两市上市公司的研究

以2005—2011年沪深两市1236至2107家上市公司为样本,通过研究高管薪酬、公司治理以及公司业绩之间的关系发现：独立董事在董事会的占比越大、CEO对董事会的影响力越大对高管薪酬具有显著的正向影响;而股权集中度、公司为国有控股、董事会持股董事会越多、监事会持股监事越多对高管薪酬具有显著的负向影响。并且因公司治理引起高管获得的超额薪酬与公司业绩具有显著的负相关关系。     

继任CEO的最优薪酬结构及市场反应——基于留任及职业生涯视角的经验证据

文章选取2006—2008年间CEO发生变更的中国上市公司为样本,研究发现:CEO变更后,与前任相比,年龄较大的继任CEO其薪酬结构中股权激励所占的比例会增加,同时市场对于这种年龄较大的CEO较大股权激励薪酬的薪酬结构反应为正。实证结果表明基于留任及职业生涯视角,CEO最优的薪酬结构应当是给予年龄较大的CEO较高的股权激励,而年龄较小的CEO较低的股权激励,此外,研究还发现我国CEO薪酬结构不合理,薪酬结构中股权激励不足,薪酬激励机制仍有待完善。     

股权集中度与公司绩效波动性关系研究

有关公司绩效的研究,大多关注于绩效水平的高低,绩效波动性同样也是衡量绩效优劣的重要指标。本文以2005-2009年我国上市公司的数据为研究样本,以托宾Q值的标准差作为绩效波动性的衡量指标,实证分析了股权集中度与公司绩效波动性之间的关系。结论表明:股权集中度越高,绩效波动性越小。本文的研究从股权集中度的角度丰富了对于绩效波动性的研究。     

我国上市公司CEO薪酬影响因素的实证研究

合理制定CEO的薪酬问题,有利于保护股东利益。文章的实证研究表明我国引进独立董事制度以来,尤其是设立薪酬委员会的上市公司中,CEO薪酬水平以及薪酬与业绩之间的关联性得到了显著的改善。而第一大股东的国有股属性严重影响了CEO的薪酬水平以及薪酬与业绩之间的关联性。因此,独立董事对公司治理机制的完善需要同时进行产权改革,以及通过设立次级委员会的方式,加强独立董事对公司治理的影响程度。     

CEO薪酬决定因素研究进展

从研究层面、研究要素和研究方法三个方面,对2002—2017年发表于国际顶级期刊的关于CEO薪酬决定因素的65篇论文进行了分类。分析结果表明:财会金融领域中对CEO薪酬的讨论趋于成熟和稳定,而社会管理学领域的相关研究越来越多样化;从内容来看,公司治理结构和高管劳动力市场均衡仍对CEO薪酬的决定产生重要影响;从方法来看,质性研究和模拟仿真的研究方法应更多地运用于该领域的研究。     

高管团队内薪酬差距、公司绩效和治理结构

公司高管团队内薪酬差距主要指CEO薪酬水平同其他高层管理人员之间的薪酬数额的差别。本文对我国上市公司内高层管理人员薪酬差距和公司未来绩效之间关系进行了检验 ,发现二者之间具有显著的正向关系 ,大薪酬差距可以提升公司绩效。该结果支持薪酬激励的锦标赛理论而不是行为理论。本文还发现 ,影响我国公司薪酬差距的主要因素不是公司外部市场环境因素和企业自身经营运作上的特点 ,而是公司治理结构。本文认为 ,我国上市公司应适当提高薪酬差距以维持足够的锦标赛激励能量 ,而提高薪酬差距的主要出路在于进行治理结构改革。     

Capital Market Openness and Output Volatility

In this paper, using data from 21 advanced and 81 developing countries during 1971–2010, we empirically examine the impact of capital market openness on output volatility. We find that opening of capital markets increases the output volatility of developing countries. Furthermore, we find that the main channel through which capital market openness increases volatility is currency and external‐debt crisis. Finally, we find that while Asian countries are less likely to experience a crisis, they become even more unstable than other developing countries once a crisis occurs. Our evidence strengthens the case for caution in developing countries' opening up of their capital markets.     

Managerial compensation and the underinvestment problem

This paper studies the effect of managerial compensation terms on the well-known “underinvestment” incentive. We extend the Mauer and Ott (2000) real-option model of corporate expansion, and show that, when the manager maximizes the value of his compensation package (rather than equity value), the underinvestment problem can be substantially mitigated. Further, by designing an appropriate compensation contract, it is possible to eliminate the underinvestment incentive altogether. This managerial contract, consisting of fixed salary and equity ownership, is explicitly derived in the model. The equity ownership level is found to be an increasing function of the manager's fixed salary and the company's earnings growth rate, and a decreasing function of leverage ratio, earnings volatility, tax rate, bankruptcy costs, and the manager's severance pay at bankruptcy.     

Foreign Debt,Foreign Direct Investment and Volatility

We investigate how foreign debt and foreign direct investment (FDI) affect the growth and welfare of a stochastically growing small open economy. First, we find that foreign debt influences the growth of domestic wealth by lowering the cost of capital, while FDI affects the country's welfare by providing an additional source of permanent income. Second, a decline in domestic investment may improve domestic welfare as FDI replaces the gap. Even when the welfare deteriorates, its magnitude is mitigated, leaving more room for discretionary fiscal policy. Third, a fiscal policy aimed to stabilize domestic output fluctuations needs to be conducted not to crowd out the welfare benefit of FDI too much. Fourth, an economy with both types of foreign capital experiences wider welfare swings by external volatility shocks than the one with foreign debt alone, while the welfare effects from domestic volatility shocks are mitigated. The welfare effects of fiscal shocks are much smaller with both types of foreign capital. Lastly, the first-best labor income tax covers the government absorption by the labor's share of total output, and the capital income tax covers the rest. Investment is penalized or subsidized depending on the social marginal cost-gain differential.     

金融危机后中国股市波动性结构变化测度及其原因分析

以2005年4月至2010年4月我国沪深300指数为研究对象,使用调整后的EGARCH模型,对金融危机前后中国股市的波动性进行研究。结果显示:金融危机发生后中国股市的波动性明显减弱———这与美国股市明显不同,且波动性结构发生了显著性变化,表现为美国股市对中国股市的影响减弱、中国股市波动的持久性增强等。最后,对产生这些变化的原因进行了理论分析,指出金融危机发生后贸易保护主义抬头、刺激性的宏观经济政策出台是中国股市波动性结构变化的可能原因。     

Economic Volatility and Capital Account Liberalization in Emerging Countries

Economic volatility has increased drastically in the age of financial liberalization. The tendency among mainstream economists has been to explain this trend by government misdeeds and various market imperfections. For instance, government overspending was the main culprit in the first generation models of currency crises. Following the Asian crisis the emphasis shifted onto capital flow reversals, and arguments based on the ‘moral hazard’ problems began to replace the emphasis on the monetized government deficits. This paper outlines an explanation of economic volatility that is not based on moral hazard problems or other market distortions. Two stylized facts associated with the aftermath of financial and capital account liberalization are singled out for emphasis and brought together in the context of a macroeconomic framework that draws from Keynes’ Treatise. These are: (i) liquidity preference becomes intertwined with currency substitution, producing a macroeconomic destabilizer that explains procyclical changes in bank credit independently of moral hazard problems; and (ii) asset prices become fairly easy to predict, stimulating destabilizing ‘trend’ speculation by foreign investors, which means that profit seeking and market rationality might lie behind erratic shifts in capital flows.     

我国财政支出波动对居民消费波动的影响研究

利用1981—2010年我国27个省级地区的面板数据,在加入居民收入波动、金融发展水平、贸易开放度三个控制变量的基础上,综合运用固定效应模型及工具变量估计法,对我国财政支出波动与居民消费波动的关系进行探讨,结果表明:居民消费波动受财政支出波动的影响显著,两者呈正相关关系;金融发展水平及贸易开放度有助于减轻居民消费的波动程度;居民收入波动对消费波动的影响不显著。     

金融上市企业高管人力资本对其薪酬的影响——兼评“限薪令”

本文以2007年和2008年我国金融类上市企业为样本,分析了高管人力资本与其薪酬的关系。研究发现,体现高管人力资本的学历、工龄、任期与管理能力等变量在总体上和高管薪酬显著相关,但高管的管理能力则与其薪酬负相关;从所有制性质看,国有企业高管的人力资本与其薪酬不相关,而在非国有企业则相关;从时间上看,2007年和2008年金融国有企业高管的人力资本与其薪酬均不相关。研究结果为正确评价我国金融类上市企业高管薪酬体系的合理性提供了参考和依据,也为决策者制定科学的高管薪酬激励制度提供了经验支撑。     

Volatility,growth and cycles

The paper investigates the factors affecting the equilibrium level of output in a panel of European countries. Output depends on factor inputs and on the technology and the efficiency with which those factors are used. Efficiency may be driven by international conditions and institutional changes such as the Single Market Programme in Europe. The technology indicators used in this study depend upon research and development and also include the level of labour efficiency which is indexed on skills data. The level of the capital stock depends upon the user cost of capital, which may depend upon risk and hence on the volatility of the economy. Recent literature suggests that real exchange rate volatility is important in determining investment and therefore has an impact on equilibrium output. A link of this form is uncovered for the European economies. If policy can reduce these volatilities then it can also raise equilibrium output.

Volatility trade-offs in exchange rate target zones

The volatility trade-offs (i.e. the negative relationships between exchange rate variability and the interest rate differential) exhibited in the Krugman [Krugman, P. (1991). Target zones and exchange rate dynamics. Quarterly Journal of Economics, 106, 669–682.] model depend on the assumption of uncovered interest rate parity (UIP). However, the bands for several economies in Latin America and Eastern Europe are substantially different from those within the European Monetary System (EMS), in that their parity relationship deviates from UIP and volatility trade-offs do not exist. This paper develops a graphical exposition and uses it to show that the degree of capital mobility may serve as a plausible vehicle to explain the empirical evidence found in Krugman's regime of exchange rate target zones. Based on a Fleming-type stochastic macro model, we find that when capital mobility is relatively low, exchange rate variability exhibits a positive relationship with the interest rate differential. This result can be regarded as a possible way of resolving the conflicting outcomes between Krugman's prediction and existing empirical observations.     

Decentralization,social capital,and regional growth: The case of the Italian North-South divide

This paper aims to show how a region's constant level of social capital may have a very different impact on its economic growth depending on whether the central or the local level of government is responsible for regional policy.Our case study is the economic performance of Northern and Southern Italy in the post-World War II period, when a long phase of regional convergence came to a sudden halt in the early 1970s. We focus on the economic effects of the 1970s institutional reforms on government decentralization and wage bargaining. Our main hypothesis is that decentralization allocates the provision of public capital to institutions, the local ones, more exposed to a territory's social capital. Since social capital is lower in the Southern regions, decentralization made their developmental policies less effective from 1970 onwards, and regional inequality increased.We build an endogenous growth model augmented to include the interaction between social capital and public investment as well as the reform of the Italian labour market. We calibrate our model using data of the Italian regions for 1951–71. Our quantitative results indicate that decentralization triggered the influence of local social capital on growth and played a central role in halting the convergence path of the low-social-capital regions.