我国上市公司经理人激励的业绩基础选择性实证研究

以我国上市公司为样本对经理人激励的业绩基础选择问题进行了实证检验。研究发现目前我国上市公司经理人报酬契约只倚重会计业绩指标,而将市场业绩指标和相对业绩指标排除在报酬契约之外,这极易导致经理人行为的短期化,提高代理成本,降低上市公司的运作效率。因此,必须调整上市公司经理人的报酬结构,建立基于会计业绩的短期激励与基于市场业绩的长期激励相结合的经理人报酬激励机制。

The Impirical Study on The Choice of Performance Base for Executive Incentive of The Listed companies in China

The paper takes the listed companies in China as samples in order to analyse impirically the issue on the choice of performance base for executive incentive.this research finds that the reward contracts of managers in our country's listed companies,which depend only on accounting performance and exclude market performance and relative performance,easily result in shortsighted actions of managers and raise of the agency cost.So we must adjust the structure of the reward contracts for managers and set up the ...