中国高管薪酬的同水平公司标杆效应——来自A股上市公司的经验证据

高管薪酬受到同水平公司的显著影响.本文基于中国A股上市公司2009-2012年的高管薪酬数据探究了同水平公司标杆效应对高管薪酬变化的影响.实证结果证实,那些t-1年前三名高管薪酬总额低于行业中位值的高管,相比于那些高于中位值的高管,在t年更容易增加高管薪酬,且增加的幅度更大.“同水平公司标杆效应”对高管薪酬的影响比公司绩效对高管薪酬的影响更大.另外,规模更大、绩效更好、行业竞争越激烈的公司以及非国有企业的高管薪酬更有可能受到同水平公司的影响,而公司治理变量与这种效应的相关性较小.     

Business strategy,executive compensation and firm performance

We investigate the impact of business strategy on the use of performance‐linked compensation (PLC) and long‐term incentive plans. We also examine the relation between strategy and compensation structure fit and performance. Using cluster and content analyses to classify a firm’s business strategy, we predict and find that product differentiation firms use a higher proportion of PLCs than cost‐leadership firms. Furthermore, we find that the misfit between business strategy and compensation structure has a negative impact on performance. This study contributes to the executive compensation literature by recognizing that business strategy influences the compensation structure and that a strategy and compensation structure misfit negatively affects performance.     

媒体报道与高管薪酬契约有效性

本文利用2003-2011年中国A股上市公司11567个年度观察样本数据,实证检验了媒体报道对公司高管薪酬契约有效性的影响关系,并进一步考察这一影响关系在不同产权性质公司中和不同制度环境下的差异。结果发现:(1)媒体报道水平与高管的薪酬-业绩敏感性之间存在显著的正向影响关系,说明媒体报道提高了高管薪酬契约有效性。(2)区分产权性质后发现,媒体报道的上述正向影响作用仅在国有上市公司样本才显著成立,意味着媒体报道主要提高了国有企业高管的薪酬契约有效性。(3)上市公司所处地区的制度环境水平越高,媒体报道的上述正向影响作用越强,表明制度环境是媒体报道有效发挥上述作用的重要条件。     

Enforcement of Optimal Disclosure Rules in the Presence of Moral Hazard

Abstract

This paper analyzes the role of disclosure enforcement mechanisms (such as SEC enforcement teams and corporate governance systems) in directing the disclosure practices of managers when the information is used by shareholders to monitor the manager. The paper establishes a role for a disclosure enforcement system by showing that in its absence it is impossible to simultaneously induce a manager to adopt the desirable disclosure strategy and use the disclosure efficiently to monitor him. The paper shows how the effectiveness of the disclosure enforcement system and the cost of disclosure influence (i) the economic viability of the disclosure enforcement system, (ii) the disclosure policy of the manager, and (iii) the value of including stock options in the manager's compensation package.     

Public–Private Partnerships for Biosecurity: An Opportunity for Risk Sharing

Private efforts to prevent and control biological pests and infectious diseases can be a public good, and so incentivising private biosecurity management actions is both desirable and problematic. Compensation contracts can encourage biosecurity efforts, provide support against the collapse of economic sectors, and create an insurance network. We conceptualise a novel biosecurity instrument relying on formal compensation private–public partnerships using contract theory. Our framework explains how the public sector can harness increased private biosecurity measures by making payments to agents which depend both on their performance and that of the other stakeholders. Doing so allows the government to spread the risk across signatory agents. The framework also improves our understanding of government involvement due to public effects of biosecurity, influenced by the private agents’ capacity to derive private benefit from their own efforts on monitoring and control. Lastly, these theoretical results provide a foundation for further study of contractual responsibility sharing for pest management.     

地震灾区小产权房灾后补偿研究

地震灾后,大量住房毁损,为推进住房重建工作,各级政府制定了灾后重建政策。在这些政策中一般对小产权房买受人是否有权申请置换房屋、如何补偿小产权房等规定不明。小产权房灾后补偿存在困境的法律原因在于小产权房买卖合同的效力认定有不同的认识、小产权房置换后的土地性质规定模糊、小产权房置换后原住房的归属不清。解决小产权房灾后补偿的举措在于明确政府应回收小产权房、保留原宅基地使用权以及将回收的小产权房用于廉租房。     

欧盟重大科技项目的经费管理模式及其启示

较为系统地介绍了欧盟在实施科技框架计划过程中重大科技项目的经费管理模式;具体介绍了欧盟对重大科技项目经费资助的原则和形式,可补偿成本及其确定,项目经费的拨付与担保金制度,对项目的财务审计与控制机制。在此基础上得出了对我国重大科技项目管理的几点启示。     

公允价值计量对我国企业管理人员薪酬的影响分析

现行公司治理普遍采用公司业绩作为管理层努力的代理变量,而会计盈余又往往成为衡量公司业绩的主要指标。这为管理人员作为会计政策选择的主体利用政策选择操控利润来提高自身报酬提供了机会。公司管理层选择会计政策的动机和管理层如何对新发布的会计准则做出反应向来备受关注,2006年的企业会计准则改革扩大了公允价值的运用,为以薪酬操纵为目的会计政策选择提供了更广阔的空间。在此背景下,考察公允价值在管理层薪酬契约中的作用显然具有重要的理论意义和现实意义。     

论贵州从“资源诅咒”到内源发展的路径选择

从＂资源诅咒＂理论出发,探究贵州陷入＂资源诅咒＂的内在原因,认为贵州必须实行内源发展,才能摆脱＂资源诅咒＂的命运。     

资源性资产市场化定价机制的构建与完善

资源性资产的稀缺性和对经济社会发展的重大意义,要求改革当前的行政定价模式并构建市场化定价机制,以形成有效价格信号。需要强调,构建资源性资产的市场化定价机制,绝不只是由行政主导向市场主导的单轨式推进,它是一项系统性工程,不可能一蹴而就。具体而言,构建资源性资产的市场化定价机制,要求着眼于价格体系重构和竞价流程优化改进。在价格体系重构方面,要实行”完全成本”定价方式,把资源性资产的原生态价值、劳动消耗价值和生态补偿价值充分凸显出来。在竞价流程优化改进方面,既要完善竞价环节,落实以资产评价价值为基础并充分实现生态补偿的公平竞价机制;还要强调竞价方式的差别化和适用性,根据不同竞价环境、不同竞价对象,选择不同的竞价方式。