机构持股改善了企业高管的薪酬治理吗

选取我国沪深两市2007 年-2021 年上市公司样本,在使用PSM+DID 有效控制机构选股偏好引致的内生性前提下,检验了机构持股、机构持股结构对公司高管薪酬的影响。结论表明：机构投资者持股确实能够显著抑制高管薪酬操纵并提升上市公司高管薪酬- 业绩敏感性,但这一作用需要机构持股相对集中才能实现,机构持股集中度成为机构投资者影响高管薪酬的调节变量。同时机构持股对高管业绩- 薪酬敏感性的影响存在非对称性,在公司业绩下滑区间薪酬影响更为强烈。此外,机构持股的薪酬影响实现,主要是通过管理层限权而实现,在高管理层权力样本组中,机构持股对高管薪酬的影响被大大削弱。     

Why is group-based pay perceived as meaningful,meaningless or negative? Exploring the meanings of pay suggested by reflection theory

This study explored the propositions of the reflection theory of pay [Thierry (2001), Work Motivation in the Context of a Globalizing Economy, Mahwah, NJ: Lawrence Erlbaum Associates, pp. 149–166]. The theory is grounded in theories of individual motivation. However, in a group-based pay context more socially oriented motivational factors may also play a role. In addition, the theory does not take into account that pay may have negative meanings. In this study, we have adopted a qualitative approach to improve the understanding of what meanings group-based pay may have. The research questions were the following: (1) why is group-based result-oriented pay perceived as meaningful, (2) why is group-based result-oriented pay perceived as meaningless and (3) why is group-based result-oriented pay perceived to have a negative meaning. To study the meanings attached to group-based pay, we conducted 29 focus group interviews (88 employees) in six municipal organizations in Finland. The results showed that the reasons for perceiving group-based pay as meaningful were related to the value of money, compensation for performance, the positive messages signalled by the pay and positive outcomes. On the other hand, when pay was perceived as meaningless, the arguments were related to the weak instrumentality of money, weak links between performance and pay, incompatibility and lack of knowledge. The negative meanings were related to negative message conveyed by the pay and its outcomes. When these results were compared with four meanings proposed by reflection theory, all four categories were found in the speech of the interviewees. In addition, two new categories were found and designated as ‘messages’ and ‘outcomes’. These new categories were theoretically linked to social identity theory.     

Top pay transparency in Europe: codes,convergence and clichés

Following the waves of corporate scandals and the increasing attention to corporate governance, the transparency of reporting on director-level pay has increased across Europe. This article examines the extent of convergence in laws, codes and corporate reporting practices in regard to director-level pay in France, Germany, Switzerland and the UK. The paper analyses annual reports and the websites of 23 companies, using institutional theory to discuss the coercive, normative and mimetic pressures for convergence that are revealed, not just in the laws and codes in each country, but also in the standardized wording in the relevant sections of reports which have become clichés.     

存款保险制度由"隐"到"显"变革的博弈分析——基于大银行与中小银行间的公平竞争视角

我国正走在从“隐性存款保险制度”转为“显性”的道路上。在这一过程中,较之大型商业银行而言,中小银行似乎更乐意接受这一变化。以往有部分研究谈及过这一问题,但未有考虑不完美信息这一限定条件者。针对这一状况,本文在不完美信息的假定下,基于成本收益的博弈模型论证了隐性存款保险安排下,大型银行与中小银行面临着不公平的竞争环境;进而,分析了从“隐性”到“显性”变革的必要性;最后,就显性安排下如何保障大银行和中小银行间的公平进行了探讨。     

中美银行业员工报酬业绩敏感度比较研究

金融危机之后,银行业员工过高的薪酬水平,引发社会各界的多方质疑,本文试图对不同制度背景下中美银行业员工报酬业绩敏感度进行比较研究。我们发现:两国银行业员工绩效报酬机制存在显著差异,美国银行业员工薪酬与公司绩效呈显著正相关关系,而我国银行业员工薪酬与公司绩效相关性较弱,需要进一步完善银行业报酬激励机制。