商业银行的行业特征与管理报酬

本文在综述了国内外相关研究的基础上认为,银行业的行业特征对管理报酬有显著影响:高负债率导致的风险转移要求商业银行使用较低的管理激励;低增长性和波动性一定程度上解释了银行业较低的报酬-绩效敏感性,但是这一点随着银行业投资机会的增加在发生根本性变化;不透明性意味着管理报酬更多地基于股票而不是会计的绩效测度;相似的生产技术表明较少的公司专有人力资本激励;银行监管则通过影响银行业市场结构、激励成本和资本监管从而在根本上影响管理报酬结构。

Industrial Characteristics of Commercial Banks and Managerial Compensation

This paper argues that distinct characteristics of the banking industry have notable impact on managerial compensation of commercial banks after comprehensive research on related domestic and overseas studies. Risk-shift induced by high leverage requires less managerial incentive. Lower growth and volatility explains the low pay-performance sensitivity in the banking industry to some extent, but this is subject to fundamental change with the rise of investment opportunity in the banking industry. Opacity presumes that managerial compensation is calculated mainly by stock price rather than by accounting measurement. Analogical manufacture technique predicates that human capital incentive scheme exists in few companies while banking regulation has substantial effect on managerial compensation structure through several mechanisms including banking industry structure, incentive cost and capital regulation.