管理层薪酬和持股激励效应的行业性差异分析--来自我国上市公司的实证证据

本文的研究以我国上市公司不同行业的实际数据为考察样本,运用实证分析方法验证我国上市公司不同类型行业管理层薪酬和持股与公司绩效之间的相关关系,分析结果表明:我国上市公司管理层薪酬和持股激励效应存在着较大的行业性差异,并提出不同行业企业应该根据自身特点和性质以及管理层薪酬和持股激励效应的大小,相机选择薪酬激励或股权激励,制定出详细周密、客观有效、切合实际的企业管理层激励方案,从而使其激励效应最大化。     

Option-based compensation: a survey

Despite empirical research and theoretical validity, there is mixed evidence on whether employee stock options align interests between management and shareholders by turning managers into owners. What used to be a functional tool introduced in the 1950s, has gotten out of hand, as perceived by the press and popular literature. The main catalyst is the accounting treatment stock options receive. This paper provides an overview of the empirical research in the field and discusses the current accounting treatment of employee stock options and impending changes. We conclude by proposing alternative compensation tools.     

The Impact of Capital Requirements and Managerial Compensation on Bank Charter Value

This paper examines the joint impact of capital requirements and managerial incentive compensation on bank charter value and bank risk. Most of the previous literature in the area of banking and agency theory has focused on asymmetric information between either banks and regulators, (and therefore on the role of bank capital), or between bank shareholders and bank managers, (and therefore on the role of managerial ownership). In this paper we unify these issues and present empirical results from the regression of capital requirements jointly with measures of incentive compensation on Tobin's Q, our proxy for bank charter value, and on the standard deviation of total return, our proxy for bank risk. In a sample of 102 bank holding companies we find that capital levels are consistently a significant positive factor in determining bank charter value and a significant negative factor in determining risk. On the other hand, we find our six measures of incentive compensation to be generally insignificant relative to charter value but do provide some evidence consistent with a theory relating types of incentive compensation with risk.     

Timing of earnings restatements: CEO equity compensation and market reaction

This study investigates the impact of chief executive officers’ (CEO) compensation on their choices regarding the timing of earnings restatements. The results indicate a negative relationship between options exercised and lags in disclosing the restated earnings, suggesting that managers who exercise options in a given year tend to release information quickly. This effect is more pronounced if the options are exercised after the dark period. We also find that the market penalises longer lags in the restatement disclosure. It seems that the CEO would try to optimise the timing of information release so as to balance the costs and benefits.     

银保协作、风险自留与银行信用风险补偿——基于银保信贷系统的分析视角

在分析风险自留的内生逻辑基础上,进一步分析风险自留实现银行信用风险补偿的内在机理。研究表明：银保信贷系统通过对贷款企业个体风险与事先设定的平均代偿风险的匹配性甄别,实现对银行信用风险的分级补偿功能。针对银行超预期信用风险,先行实施银行风险拨备机制对银行平均代偿风险进行补偿,然后实施超额风险自留机制对超过平均代偿风险的银行超额风险部分再次进行补偿,超额风险自留补偿基金将由银行与担保机构依据各自的风险均衡配置阈值占比共同筹集,以此来实现银行信用风险分级补偿目标。并以此为依据,设计了银保信贷系统风险自留机制。     

顾客集中与管理层治理——基于薪酬契约和代理成本的视角

本文以创业板上市公司为研究样本，从薪酬契约和代理成本的视角，检验了顾客集中与管理层治理的关系。实证分析结果显示，顾客集中度与高管薪酬和代理成本存在显著负相关关系。结果表明：顾客集中显著影响公司薪酬契约，顾客集中降低了高管薪酬；顾客集中降低代理成本，减轻管理层代理冲突问题。这些研究结论丰富了公司治理的理论内容，同时对于缓解公司代理冲突、改善公司治理矛盾具有重要的现实意义。     

Conservation finance and sustainable tourism: the acceptability of conservation fees to support the Tambopata National Reserve,Peru

Protected areas are key to the conservation of global biodiversity and ecosystem services; however, their success is contingent upon adequate funding. One possibility to increase funding for park management is to “sell” a wider suite of ecosystem services “produced” by protected areas, such as carbon sequestration. We conducted 420 tourist surveys to analyze willingness to pay (WTP) for ecosystem service benefits via a conservation fee in the Tambopata National Reserve in Peru. We also interviewed eight tour operators about their perceptions of the proposed fee. The average stated WTP was 15 USD. Sixty-six percent of tourists stated they would pay 10 USD or more, which, if actually paid, would have resulted in 318,000 USD for park management in 2015. Most respondents stated they would pay an additional fee if it supported biodiversity conservation or local ecosystem services, such as water, but less than 10% of tourists were motivated by carbon sequestration as a reason to pay the fee. Most tour operators supported the additional fee. Our findings suggest that tourists are willing to pay higher fees to support conservation but that interest in paying for additional ecosystem services from parks may not extend to global and intangible benefits such as carbon sequestration.     

How to overcome the implementation gap in ecosystem services? A user-friendly and inclusive tool for improved urban management

One of the main issues with the concept of ecosystem services is its absence on the ground in concrete operational decision-making contexts; that is, an implementation gap. In this study, we investigated if this gap could be overcome through the use of open-source data and free tools, and the adoption of a short-term participatory process. We tested these methods in the context of a project in the urban metropolitan area of Bordeaux (Communauté urbaine de Bordeaux: CUB) in France. The ecosystem services were defined using a participatory approach involving local stakeholders, and then selected scenarios were simulated to test the impact of various development or conservation plans. The study addressed three main questions: (1) Is it possible to adopt a simple methodological approach that overcomes the implementation gap through the development of a user-friendly and inclusive method? (2) What is the added value of a participatory approach? (3) With regards to four scenarios in this territory, what are the ES trends in the selected biophysical and monetary indicators, and will knowledge of these trends help planners to shape a sustainable trajectory for the territory?     

Trade-off relationship between modern agriculture and biodiversity: Heavy consolidation work has a long-term negative impact on plant species diversity

Human-driven land-use changes often cause a decline in biodiversity. Although traditional agricultural practices maintained biodiversity at high levels, recent land-use changes may have negative consequences on species composition. In this study, we examined the hypothesis that land consolidation, which is a major recent land-use change in agricultural areas, decreases plant species diversity over the long term (the so-called negative legacy). To test this hypothesis, we examined the relationships between consolidated areas and the occurrence of threatened plant species across Japan and at the prefecture scale. Twenty-three threatened plant species were selected, all of which were formerly common. Our results show that areas containing records of threatened plant species rarely experienced consolidation at whole-country and prefectural scales. Breakdown analysis showed that unconsolidated agricultural areas contained significantly more threatened species than consolidated agricultural areas. These results suggest that threatened plant species require unconsolidated agricultural areas (i.e., these species could not grow in consolidated areas). Thus, we propose that consolidation history could be used as an indicator of the potential for biodiversity recovery. We also suggest that consolidated agricultural areas should be used for food production rather than for the restoration of biodiversity, for reasons of cost efficiency.     

行业属性、拉克尔法则与员工薪酬适度性研究--来自2008-2012年中国资本市场的经验证据

员工薪酬适度性是收入分配制度改革的关键。文章借鉴“拉克尔法则”，以行业属性为视角，选取沪深A股同类行业属性上市公司2008-2012年度财务报告数据，计算“拉克尔阀值”，判别员工薪酬适度性。研究发现，针对销售收入异常波动与垄断性的上市公司，“拉克尔法则”无法判别员工薪酬适度性，但竞争性行业上市公司则能判别员工薪酬适度性；同时，“拉克尔法则”能解释行业属性相同而地域不同的上市公司员工薪酬差异。