多元化战略对管理层激励的影响--来自中国资本市场的经验证据

本文利用2001-2004年中国上市公司的数据,使用面板数据模型,对中国上市公司多元化与管理层激励之间的关系进行了检验.结果表明:现金薪酬水平与公司价值负相关,高管人员持股比例与公司价值之间是非线性关系,激励并没有发挥其应有的作用;多元化对公司价值的影响并不显著.当控制了影响多元化的公司内部因素后,我们发现国有股占主导地位的公司,多元化程度与现金薪酬之间是负向关系;多元化程度与管理层持股比例之间是正向关系.多元化程度与在职消费正相关.多元化决策是管理当局希望从多元化中获取更多的剩余收益和隐性的私人利益.

Impact of Diversification on Management Incentives-Empirical Evidence from Chinese Capital Market

Academic circle has different views regarding whether diversification damages or benefits firm value.Diversification still goes on a large scale though it may result in lower efficiency.Does that result from a weaker competitiveness? This paper empirically tests the relationship between the diversification of A Shares and management incentives using data from listed firms in China through 2001-2004 and panel data model.The results show that monetary incentive is negatively related to firm value,and the stock ownership by top management and diversification are related on non-linear basis.Thus,incentives exert unimportant influence on firm value.Diversification is insignificantly related to firm value.Given that the internal factors of diversification keep constant,we find that the level of diversification is positively related to management incentives in firms of state-ownership dominance.The level of diversification is negatively related to monetary payment,but positively related to stock ownership.The level of diversification is positively related to non-pecuniary compensation.Managers diversify their firms in order to get more residual income and private benefit.