产品市场竞争对经理层激励效果的影响研究

通过对我国转轨经济条件下的产品市场竞争对经理层激励效果的影响进行研究,并结合我国上市公司终极控制人的特征,对国有控股和民营控股公司中这种影响关系的差异进行系统比较。实证研究发现,只有当产品市场竞争程度超过一定水平后,产品市场竞争才会对经理层激励效果存在显著的正面影响,并且这种影响在民营控股企业中比在国有控股企业中更强烈。

Research on the Impact of Product Market Competition on Executive Incentive Effect

This paper explores the influence of product market competition on executive incentives in Chinese transitional economy. We also investigate the influence of ultimate controller′s characteristics of the listed companies on this relationship. We find that there is a complementary influence between product market competition and executive incentives when the degree of competition is higher above certain level. What′s more, this relation is stronger in companies ultimately controlled by the private than that by the state. These conclusions deepen our comprehension about the functions and mechanism of executive incentives on performance and give us some new implications for the practice of executive incentives.