上市公司盈余管理幅度、方向与高管薪酬——来自沪深股市的经验证据

本文以沪深两市2002年-2009年上市公司为研究对象,考察了高管层总体薪酬水平与盈余管理幅度、方向之间的关系.研究发现：在其他条件不变的情况下,盈余管理与高管层薪酬之间存在正相关关系;向下的盈余管理更能促进高管层薪酬的增加,在国有企业这种促进作用更明显.研究结果支持薪酬契约理论,不支持管理层机会主义观点.     

Is it Efficient to Impose Costs on Small-Volume Equity Traders?

A securities market that imposes higher trading costs on small-volume traders may reduce free-riding on information generated by large-volume traders. The reduction in free-riding increases the probability that large-volume traders will invest in socially beneficial information and engage in costly monitoring of managers of firms in their portfolio.V arious mechanisms can be used to impose costs on small-volume traders.We argue that Nasdaq's former treatment of limit orders was one such mechanism. Depending on the market's structure and the nature of the securities traded in the market, a reduction in freeriding activity may improve overall market efficiency despite a potentially negative impact on information dissemination.     

中国养老保险制度对城镇居民消费的影响--基于OLG模型和2012年中国省际横截面数据的实证分析

通过建立世代交叠模型探讨我国现行基本养老保险制度对城镇居民消费的影响,指出在现行的现收现付制和完全基金制混合模式下,养老保险对居民消费的影响是有两种不同的效应：人口年龄结构的变化和资金成本的变化。尤其是人口老龄化会改变制度约束从而抑制消费。根据2012年中国省际横截面数据实证分析说明,城镇离退休人员养老金支出对城镇居民消费具有负面影响,说明人口老龄化可能已经开始削弱养老保险制度的社会保障功能。     

普通职工工薪报酬偏低的危害和对策

企业普通职工工薪报酬偏低是我国收入分配领域存在的一个突出矛盾,它不仅损害了职工权益,而且给经济社会发展带来了极大危害,它使劳动力价值被低估,劳动力再生产萎缩;造成“内需”不足,国内市场疲软;导致贫富差距扩大,激化劳资矛盾;造成对外贸易中摩擦增多,损失增大;还可能造成技术停滞。因此,必须尽快改变职工工薪报酬偏低状况。坚持与落实以人为本和按劳分配为主的分配方式,逐步提高劳动报酬在GDP和国民收入中的比重,提高工资标准与劳动要素的报酬;不断完善劳动力市场、健全工会组织、转变政府职能以及健全由政府行政部门、工会、雇主协会组成的三方利益协调机制和工资集体谈判机制是提高劳动要素的报酬的可行途径。     

Risk-taking in new project selection: Additive effects of bonus incentives and past performance history

The goal of this study is to investigate how past project performance history and bonus incentive pay schemes affect managers' propensity to select more or less risky projects. Performance history is manipulated via past positive outcomes (i.e. beating a target profit rate) and negative outcomes (i.e. missing a target profit rate). Two types of bonus incentive pay schemes (hurdle bonus and graduated bonus) were employed in the study. The findings are consistent with prospect theory that predicts that prior bad outcomes (negative performance history) motivate greater risk-taking than prior good outcomes (positive performance history). In addition, we find evidence that hurdle and graduated bonus incentive schemes also affect risk taking. Overall, we find an additive effect of these two factors, such that the greatest (least) risk taking occurred when participants had negative (positive) prior experience coupled with a graduated (hurdle) bonus scheme.     

PERFORMANCE-RELATED PAY FOR TEACHERS: An examination of the underlying objectives and its application in practice

Performance-related pay (PRP) is being introduced for schoolteachers in England and Wales at a time when policy makers are concerned with the ‘mission to modernise’ and the requirement for ‘change’ to take place in the public sector (Cabinet Office 1999: 4). In a number of recent government publications, public sector pay has been heralded as an important mechanism that will ensure public services are ‘efficient’ and of ‘high quality’. Kessler and Purcell (1992) examine the managerial objectives underlying the current application of PRP in organizations and provide a useful framework to explore and evaluate PRP systems. Their framework has been adopted to consider the implications of implementing PRP for teachers.     

Determinants of variable pay for top managers of foreign subsidiaries in Finland

There is a large body of research dealing with top management compensation from an agency theory perspective. Difficulties in monitoring top management (the agent) are exacerbated in the multinational corporation, where there are significant information asymmetries between headquarters and foreign subsidiaries. Headquarters may use variable pay for subsidiary top managers to reduce the agency problems. By studying 110 foreign-owned subsidiaries located in Finland, this paper attempts to identify determinants of variable pay to the subsidiary general manager. In line with agency theory, the results suggest that the roles played by the subsidiary influence the compensation strategy used for the subsidiary general manager. However, while agency theory predicts that the cultural distance beween the home country of the multinational corporation and the location of the foreign subsidiary would have an effect on the compensation system, no such effect was found. Instead, in accordance with the institutionalization perspective, we found a significant 'nationality effect' on the use of variable pay.     

基于控制视角的薪酬支付基础选择依据研究综述

本文基于组织控制视角,深入分析不同的薪酬支付基础所具有的控制功能,在人力资源管理各个环节赋予薪酬新的内涵:绩效薪酬具有产出控制功能,职务薪酬具有行为控制功能,技能薪酬具有投入控制效果。由于包括产出可衡量性、任务可规划性以及行为可观察性在内的工作任务的控制特性决定了管理者可以获得的控制信息,而且它也是决定薪酬支付基础选择的重要影响因素,因此本文将控制特性与薪酬支付基础相结合,提出产出可衡量性是绩效薪酬的先决条件,任务可规划性是职务薪酬的基本要素,投入控制功能是技能薪酬的显著优势。这为管理者选择适当的薪酬支付基础提供了新的理论参考依据。     

Evaluating performance-related pay for managers in the National Health Service

This paper evaluates the scheme of performance-related pay facing NHS managers, using both quantitative and qualitative date from a questionnaire survey. We find that the scheme is modestly successful. On the basis of self-reported data from managers covered by the scheme, there are clear indications that it has raised motivational levels, and induced more effort, albeit for only a minority of the managers. These results stand in some contrast to those from a number of earlier UK studies, and may show what happens in relatively mature PRP systems. In seeking to understand why the scheme was not more successful, we found that motivational and behavioural change was less likely among those who thought that certain aspects of the objective-setting process were done badly, or that assessments were conducted inappropriately, or that the subsequent rewards were unattractive. We finish by drawing out some implications for HR policy.     

论极限概念的狭义性及其极端猜想

把收敛性数列的和化为小数形式，并且分析可知，其小数是半有理性小数。所以，极限概念是具有狭义性的，其狭义性影响了人类对自然规律的更进一步的探索。