如何合理确定管理者在职消费——基于公司治理视角的研究

管理者在职消费是公司日常经营中的一种常见支出。现有研究认为合理的在职消费有利于公司业绩，不合理的在职消费会损害公司业绩；但如何确定管理者合理在职消费额度仍是一个值得思考的问题。从公司治理的角度出发研究发现：管理者激励和制衡、管理者权力和资源等因素对在职消费有着显著的影响；参考这些特征因素可以合理确定管理者在职消费额度。利用2008-2013年中国主板非金融类上市公司的实证数据发现，按这一方法确定的合理在职消费与公司业绩显著正相关，不合理在职消费与公司业绩显著负相关，这一结论说明了从公司治理角度出发确定在职消费合理额度方法的有效性。建议利益相关方应注重公司治理对在职消费的影响，合理规范管理者在职消费，避免过度在职消费对公司业绩的损害。

How to Reasonably Determine the Executive Perquisites-A Research Based on Perspective of Corporate Governance

Executive perquisites is a common cost in companies' business. Nowadays the researchers found that the reasonable perquisites is useful for company's performance, but the unreasonable perquisites could hurt the performance, but how to reasonably determine the executive perquisites and business spending is still an open question. Take the perspective of corporate governance, the research shows that the encouragement and counterbalance of manager, the power and source of perks consumption have significant influence on executive perquisites, it is possible to determine the reasonable perquisites through those corporate governance characteristics. By using the empirical data of Chinese Main board Listed Companies from 2008 to 2013, this paper proves the reasonable perquisites has a significant positive correlation with company's performance, and the unreasonable perquisites has a significant negative correlation with company's performance, this result shows that the determination of reasonable perquisites limit from corporate governance perspective is efficient. It suggest that the stakeholders should pay attention to corporate governance's role on executive perquisites monitoring, reasonably determine the executive perquisites range and avoid the damage of performance by excessive perquisites.