Executive Remuneration in Australia

A fierce debate is raging about the legitimacy of executive pay rises. Australia's chief executive salaries are not as high as in the United States and the big European economies, but between 1993 and 2007 there was a sharp rise in remuneration. Most of the rise came in the form of incentive payments. In the Australian context, the size of the executive salary is closely linked with the size of the company. The evidence is mixed about how efficient executive remuneration has been, but what is clear is that the responsibility to ensure it is appropriate resides with boards, and that there is a need for greater shareholder participation. Accordingly, it is recommended that shareholders have a greater 'say on pay', and that two successive 'no' votes on remuneration by shareholders will have formal consequences for boards. The challenge is to improve agency between shareholders and management, and between shareholders and boards. An evolutionary approach is proposed.     

Tax without Design: Recent Developments in UK Tax Policy

This paper considers the development of tax policy in the UK over the last decade or so and assesses policy change against a low bar – consistency and coherence. While this government has followed some consistent policies – notably, in some aspects of corporation tax and in increasing the income tax personal allowance – there are few signs of a wider coherent strategy. The same has been true of other recent governments. Many aspects of the system have become more complex. There have been numerous policy reversals. And few of those aspects of the system in most need of reform have been tackled. The need for reform, and a clear strategy for reform, remain as pressing as ever.     

会计师事务所薪酬管理的思考

会计师事务所是“人合”企业,最大的管理问题就是如何管好“人”,在会计师事务所工作的职员都是精英,抛开企业文化的吸引,他们最关心的应该还是薪酬。薪酬除了保障生活这个功能之外,还是个人价值的标签,在这个层面上,它具有了物质和精神的双重含义,因此,公平合理的薪酬管理对于会计师事务所来说尤为必要。本文拟简要介绍对事务所薪酬设计的一些思路,希望对同行有所启发。一、目前流行的分配方式的弊端目前,大部分事务所采取了基本工资加业务提成的分配方式,这样的分配简单易行,适合规模较小、业务量少、处于发展初期的事务所,但是这样的分配…     

CEO过度自信对薪酬的影响研究

CEO过度自信是影响其自身薪酬的重要因素。本文以2008—2018年A股上市公司CEO的薪酬情况为研究样本,实证检验了在中国情境下CEO过度自信对薪酬水平和薪酬结构的影响。研究发现:过度自信的CEO比非过度自信的CEO拥有更高的总薪酬和股权激励强度以及更低的现金薪酬比例;同时,相比非国有企业,国有企业中CEO过度自信对薪酬的影响更为显著。进一步研究发现:企业面临的风险大小和创新程度会强化过度自信与CEO薪酬之间的关联关系。     

Accountability and Disclosure: Directors' Remuneration in Privatized Utilities

Directors' remuneration has become one of the most contentious issues relating to corporate governance. In response to public concern, companies have recognized the need to change their organizational structures and to increase the transparency of the annual report disclosures. This article examines the extent to which the disclosures of privatized utilities have increased in the last few years. It remains to be seen whether the provision of more information will satisfy or fuel public concern.     

移动支付产业变迁趋势及政策建议

支付是经济活动链条中的重要环节,承担着资金划拨和转移的基础性功能。随着 现代信息通信技术的发展,电子商务的持续渗透,“互联网+”等各项政策的利好推动,以移 动支付为代表的新兴电子支付方式迅速兴起,成为促进消费、便利民生的推动力量。在演进历 程方面,现代化支付体系建设为移动支付奠定基础,电子商务发展助推远程支付方式普及,线 上线下融合的商业模式推动了移动支付迅猛发展。本文结合当前移动支付市场情况,从监管政 策、行业格局、技术创新等角度提出了移动支付产业发展趋势,以及促进移动支付产业健康发 展的相关政策建议。     

Accounting,Remuneration and Employee Motivation in the New Organisation

The paper draws upon two detailed case studies of global manufacturing companies to examine the role of accounting in redesigned remuneration systems which are emerging as organisations delayer their structures, change their production methods and move to team-based systems of work and reward. In this way, changes in the content and application of accounting measures are framed within new approaches to rewarding and motivating employees that have been stimulated by efforts to develop alternative, ‘leaner’ manufacturing practices. The focus is principally upon the remuneration of shopfloor employees, but we also consider the implications of team-based reward systems for managerial staff. We argue that despite the recent complementing of financial with non-financial forms of reward (e.g. skill acquisition, improvements to health and safety), and an emphasis upon peer pressure from team members in addition to individual incentives as a source of motivation, the language and calculations of accounting remain central and pervasive in developing, justifying and mobilising support for the new reward system.     

中国上市银行薪酬激励与银行绩效

本文以14家股份制商业银行为样本,从公司治理视角分析上市银行CEO报酬及银行内的报酬差异与银行经营绩效间的关系。研究结果表明,中国上市银行员工薪酬激励与银行绩效有显著的正相关关系;缩小银行高管薪酬和员工薪酬差异对银行绩效有显著的正相关影响;股权激励对上市银行绩效的影响并不显著;银行高管内部薪酬差异却存在锦标赛竞争机制,即银行高管间适当的薪酬差异可以提升银行绩效。因此,改变目前中国上市银行报酬—绩效契约是今后的金融业改革中需要解决的重要问题。     

公司治理、激励机制与高管薪酬制度重构

1990年代以来,公司高管薪酬持续飞涨,即使在全球金融危机背景下,一些接受政府注资的公司高管仍然领取天价高薪,因此,改革高管薪酬制度的呼声越来越高。本文认为,企业高管薪酬的失衡从根本上源于传统薪酬制度理论的不合理,而这些理论假定的不合理则导引于公司治理的内在缺陷。因此,重构薪酬制度,完善激励机制,必须以改革公司治理为逻辑起点。本文在分析公司治理与激励机制关系基础上,对高管薪酬制度的理论假定与现实困境进行了全面深入地剖析．对高管薪酬制度框架的设计与重构提出了具体设想。     

公司股权激励及高管薪酬披露分析

本文分析发现，实施股权激励的上市公司2006年每股收益以及净资产收益率水平远远高于深市平均水平。采取限制性股票激励方式的公司对业绩影响的测算远不如采取期权激励方式的公司测算过程清晰，公司披露的详尽程度也有较大差距。殷权激励的作用已经初步显现，截至2007年4月30日．16家样本公司的激励股份已经实现了约83．65亿元的增值。同时，股权激励也带来了一系列的监管问题，须进一步完善相关法规，强化监管，合理引导更多的上市公司建立适当的股权激励制度，以推动上市公司完善法人治理结构，夯实证券市场基础。     

Remuneration, Retention, and Reputation Incentives for Outside Directors

I study incentives received by outside directors in Fortune 500 firms from compensation, replacement, and the opportunity to obtain other directorships. Previous research has only shown these relations to apply under limited circumstances such as financial distress. Together these incentive mechanisms provide directors with wealth increases of approximately 11 cents per $1,000 rise in firm value. Although smaller than the performance sensitivities of CEOs, outside directors' incentives imply a change in wealth of about $285,000 for a 1 standard deviation (SD) change in typical firm performance. Cross‐sectional patterns of director equity awards conform to agency and financial theories.     

Structure and Level of Remuneration Across the Top Executive Team

This paper details the level and structure of executive remuneration across the executive team from 2006 to 2009. Results indicate that the level and structure of executive pay varies across the executive team. There is a clear delineation between the level and structure of all components of pay for the CEO and Executive 1, and for other executives. Employees of finance firms receive higher levels of pay and greater proportions of bonus than do employees in other sectors. Pay structure in 2009 is different from other years in the study, indicating that the economic downturn of 2008 and 2009 has led to differences in executive pay.     

会计师事务所的战略、绩效与报酬

国际所与国内所现有模式 的比较 根据调查,现有会计师事务所的"战略-绩效-报酬"系统可以分为三种模式:单链模式、复链模式、和介于两者之间的混合模式。 (一)单链模式 国际会计师事务所大多采用这一模式,其特点是: 1.绩效评价过程规范。有一套较为完整的评价制度,评价采用双向方     

银行薪酬信息披露现状研究——来自巴塞尔成员国银行的调查分析

2011年,巴塞尔银行监管委员会发布了有关银行等金融机构薪酬信息披露的具体规定。本文对巴塞尔27个成员国的100家银行的薪酬信息披露状况进行了调查和实证分析。结果表明,各国银行关于薪酬信息的披露存在较大差异,其中,新加坡和南非的银行薪酬信息披露情况最好,南美洲的银行最不理想。从具体的披露内容上看,定性信息方面的披露要明显好于定量信息的披露,特别是关于基本薪酬制度的披露,比较欠缺的是有关薪酬与风险挂钩方面的信息。多元回归分析显示,银行薪酬信息披露与资本充足率有显著正相关,与净利润显著负相关,但与其他经营绩效指标关系不大。     

财经动态

披露年报公司亏损面缩小截至3月22日,沪深两市已有478家公司披露了年报。根据盈利情况来看,目前只有10家公司2004年出现亏损,亏损比例仅2.1%。而2003年,这批公司中有38家出现亏损,亏损比例达7.9%。2004年,钢铁、化工、电力、机械等一批行业取得良好成绩,从而对相关上市公司业绩     

财经动态

中国楼市2016年上半年出现205宗地王,200宗总价超10亿元据中原地产研究部统计数据显示,截至2016年6月29日,2016年上半年一线城市土地出让金合计1461.75亿元,同比下调了17.3%;而二线城市合计成交金额为6139.12亿元,同比涨幅高达56%。中国已出现205宗单宗超过10亿元的高总价地块,51宗超过30亿元的高总价地块,三宗超过100亿元的高总价地块。144宗溢价率超过50%的单宗地块;92宗溢价率超过100%的单宗地块。分析师称,二线城市地王频繁出现,或将影响后续二线房地产市场的稳定发展。     

财经动态

美国拟对中国输美风塔征反补贴税,最高税率达26％5月30日,美国商务部对原产于中国的应用级风电塔做出反补贴初裁决定,对中国输美涉案产品采取临时反补贴措施,征收13．74％至26％的临时反补贴税。据悉,2011年12月,美国风塔贸易联合会向美国商务部提起申诉,要求对从中国进口的此类产品征收高达213．54％的反倾销税和额外的反补贴税。今年1月19日,美国商务部宣布对上述产品发起“双反”调查,这是2012年美国对华“双反”调查第一案。     

财经动态

国务院批准浦东改革试点国务院批准浦东新区综合配套改革试点,公共服务型政府体制将率先与国际接轨。15年历史的浦东新区将获得新的发展动力,再次“先行先试”,走在全国前列。国务院总理温家宝主持召开国务院常务会议,批准上海浦东新区进行综合配套改革试点。会议认为,我国