控制权收益作为国有控股公司高管激励的影响因素研究

本文将控制权收益分解为隐性收益和显性收益。结果表明，显性收益占控制权收益的9％左右，隐性收益仍是我国上市公司高管的首要激励因素。研究还显示，隐性收益和控制权收益与企业规模和经营绩效呈显著的负相关，与第一大股东控股比例呈显著的正相关。而显性收益与企业规模和经营绩效呈显著的正相关，与第一大股东控股比例呈显著的负相关；隐性收益还与公司资产负债率呈显著的负相关。最后，提出将自我隐形激励转变成市场显性激励的政策建议。

Study on Factors of Control Benefits as Top Management Incentive in State-Owed Listed Companies

The benefits of control that is decomposed implicit benefits and explicit benefits is studied in this paper. The results show that explicit benefits is only 9% of control benefits, implicit benefits is still chief incentive factor of top management in Chinese listed companies. The research finds implicit benefits and benefits of control has significant negative correlation with size of companies, firm performance, with the control shareholders' proportion to the total shares has significant positive correlation; Statistic results of explicit benefits is opposite to implicit benefits; Implicit benefits has significant negative correlation with asset liability ratio of firm; At last, this paper proposed some suggestions that self-implicit incentive transfer into market explicit incentive.