公司社会声望与高管薪酬:公共服务抑或职业声誉

本文基于“隐性—显性”契约激励研究范式,探讨公司社会声望对高管薪酬的影响以及作用机制。本文选取2009—2017年间的非金融A股上市公司为样本,研究发现,拥有较高社会声望的公司,其高管显性薪酬较低。具体而言,公共地位较高的国有企业、具有较高市场声誉的民营上市公司,其高管薪酬平均而言分别比其他上市公司低4.97%和6.30%。进一步地,我们发现公司声望对我国高管显性薪酬契约存在两种作用机制:一方面,公共地位较高的国有企业,可以为高管带来较高的社会声誉和社会认可,满足了“公共服务”类高管的社会声望偏好,从而降低了显性薪酬的支付水平;另一方面,市场声誉较高的民营企业,可以为高管带来较高的职业声誉和未来职业利益,符合“以商为荣”类高管的社会声望偏好,使高管愿意接受较低的显性薪酬。本文的结论为公司声望作为一种有价值的资源,可以对高管显性薪酬形成议价能力提供了重要证据,揭示了公司声望对高管显性契约激励的影响路径;同时,为国有企业高管薪酬契约设计以及激励机制提供了一定启示。     

高管薪酬、董事会治理与分类转移

本文研究了高管薪酬和董事会治理对分类转移的影响。研究表明,货币薪酬会诱使高管向上转移利得,股权激励和缺乏区分度的薪酬制度会诱使高管同时向下转移费用和向上转移利得;而勤勉、独立和两职分离的董事会能够在一定程度上识别并抑制这两种不同方式的分类转移;但董事会对分类转移的抑制程度小于高管薪酬对分类转移的诱发程度。进一步地,良好的市场、法制和媒体监督环境能够有效缓解高管薪酬对分类转移的诱发作用,而董事会能够有效弥补法制建设和媒体监督不足导致的分类转移治理缺陷,并在较高质量的审计环境下对分类转移发挥更强的抑制作用。本文首次结合制度背景和媒体监督研究了公司核心治理机制对不同分类转移方式的影响和原因,并创新性地对向上转移利得的程度进行了衡量,为监管部门及公司治理机制、会计准则的制定者提供经验证据。     

Independent director compensation,corruption, and monitoring

We find that independent directors in more corrupt countries receive greater pay. This relation could reflect outside directors in corrupt countries expropriating firm value, or it could reflect higher compensation for the additional effort required to lessen the negative effects of corruption. Acquirer acquisition announcement returns are lower in more corrupt countries, and this relation is mitigated by higher director pay. Higher director pay is also associated with greater sensitivity of CEO turnover to firm performance and moderates the negative effects of country‐level corruption on firm value. This evidence is consistent with higher director pay in corrupt countries incentivizing effort.     

优化营商环境的财税政策研究——以江苏省为例

近年来,江苏财政部门积极支持营商环境建设,贯彻落实减税降费政策,采取设立风险补偿资金池、引导社会资本投资、设立支持企业发展的奖补资金等举措,在优化营商环境方面取得一定成效,但在政策执行过程中还存在一些不足,如部分行业税负可能上升、无定价权的企业在税制改革中获益相对较少、减税降费"降成本"效应下降等,针对实际工作中存在的问题,还需要进一步增强"降成本"政策的协调性,采取完善增值税抵扣机制等措施。     

Experts’ perceptions of the sloping land conversion program in the Loess Plateau,China

China’s Sloping Land Conversion Program (SLCP) is the world’s largest payment for ecosystem services program for improving ecological conditions and farmers’ livelihood. Communicating the SLCP outcomes across diverse stakeholder groups in ecological, socio-economic, political and institutional contexts can facilitate the effective implementation of the new round of the SLCP. Experts from various fields involved in the SLCP have developed good connections with governments, agencies, and farmers; therefore they can play an invaluable role in informing urgent policy changes. This study is based upon 24 interviews with the SLCP experts with the aims of assessing their perceptions of ecological, economic, political and social impacts of the SLCP on the Loess Plateau of China, and then gathering their policy recommendations to ensure that the new round of the SLCP would be implemented efficiently. Content analysis based on the grounded theory is used in present study. Judging from expert-based consensual statements from this study’s interviews, the main concerns about the first round of the SLCP on the Loess Plateau are that the dramatic increase in the farmer’s income and livelihood is mainly from off-farm sources rather than the SLCP subsidy, that equitable government compensation is dependent on the outcome of the SLCP, that the aggressive SLCP causes soil drought which have negative effects on ecological restoration, and that the stakeholders’ interaction could be improved. Based on the analyses of the experts’ interviews, the recommendations are summarised as follows: strengthening the farmers’ environmental awareness and vocational skills, establishing multi-source financial supports and flexible compensation mechanisms, establishing participatory planning that requires stakeholder involvement especially farmers and insisting that scientific studies on the ecological restoration of the Loess Plateau must be shared with local governments and farmers.     

Socioeconomic determinants of farmland value in India

Developing countries have achieved remarkable overall economic diversification and growth during the last few decades, but farmland has remained a prime pillar of the livelihood support system of resource poor people in the rural areas of these countries. For these people, land is still the most important resource as it has multiple utilities such as a symbol of social standing, collateral value and a reserve capital asset for emergencies. Agricultural land assumes different values for different owners. This study establishes the criticality of age, education level, size of family workforce, dependency on agricultural income, productivity of land and location of farmland in influencing perception of value of farmland. Ignoring these factors creates a gap in the value of farmland as perceived by the farmland owner and the government. Knowledge of these factors may help in making appropriate adjustments in government declared prices of farmland for determining appropriate land compensation rate for a specific location.     

Local interests or centralized targets? How China’s local government implements the farmland policy of Requisition–Compensation Balance

The Requisition–Compensation Balance of Farmland (RCBF) is a strict policy in China aimed at controlling farmland conversion and replenishing farmland loss caused by urban expansion through a set of top-down quotas. These conflict with local interests, since land conversion from agriculture to construction is a key tool by which local governments attract investment and raise fiscal revenue. How should local authorities respond to this centralized policy? This paper presents a framework “quantity–quality–productivity–environment” to investigate local governments’ coping strategy and the holistic performance of the RCBF. The empirical study indicated that local jurisdictions placed economic and financial growth first and continued expropriating farmland on a large-scale, including land of high quality, for development. However, impelled by compulsory quotas and supervision from governments at higher levels, local authorities would partly replenish the quantity loss through farmland exploitation, regardless of the quality of the new cropland and the possible environmental impact. Consequently, fast requisition and unqualified compensation undermined the capacity of regional agricultural output. We suggest that the RCBF is not capable of guaranteeing food security, whilst farmland supplementation threatens the local environment.     

Customer perspective on overbooking: The failure of customers to enjoy their reserved services,accidental or intended?

Overbooking is widely applied in the service industry to hedge against undesirable situations, such as cancellations and no-shows. However, during the implementation of overbooking, service providers may turn down some customers when the number of arrivals exceeds their capacity on the target date. Therefore, this paper examines overbooking from the customers' perspective to offer them a clear perception on the possibility for their reservations to be denied by the service provider. By establishing a Stackelberg model between a service provider and an online travel agency, we explore how optimal overbooking strategy is developed by the service provider. Afterward, by analyzing the obtained optimal overbooking pad, we calculate the probabilities of denied service under different levels of monetary compensation that is paid to denied customers. A higher monetary compensation guarantees a higher chance of successful service. This paper also provides customers with some reference when booking services.     

企业科技创新失败项目政府补偿方式选择

将企业科技创新失败项目分为研发阶段失败和成果转化阶段失败两种,采用实物期权法建立政府资金直接补偿、政府税收优惠补偿两种方式下企业科技创新失败项目价值模型,通过分析不同补偿方式下的政府补偿效率,确定了不同阶段科技创新失败项目的最优政府补偿方式。结果发现,研发阶段科技创新失败项目应优先选择政府资金直接补偿,成果转化阶段科技创新失败项目应优先选择税收优惠补偿。     

Non-compensation-related consultant service and CEO compensation

This study examines how consultants’ non-compensation-related consulting service (NCS) affects the contractual usefulness of accounting and stock information in executive compensation, as reflected in pay-performance sensitivity. The hypothesis is based on anecdotal evidence suggesting that consultants’ provision of NCS is likely to adversely affect the quality of CEO compensation plans. We investigate whether the consultants providing NCS are involved in potential conflicts of interest. The results show that CEO pay is higher in companies where consultants provide NCS and have a higher NCS fee ratio. The pay-performance sensitivity in CEO compensation decreases when consultants engage in NCS. The overall results are consistent with NCS representing a conflict of interest and compromising the quality of compensation committees.