| 总经理报酬激励强度、董事会组成和公司价值内生互动——理论与实证研究 |
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| 引用本文： | 肖继辉,彭文平,肖娜辉. 总经理报酬激励强度、董事会组成和公司价值内生互动——理论与实证研究[J]. 经济管理, 2009, 0(2) |
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| 作者姓名： | 肖继辉 彭文平 肖娜辉 |
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| 作者单位： | 暨南大学管理学院;华南师范大学经管学院;湖南大学会计学院; |
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| 基金项目： | 教育部人文社科青年项目“开放式基金经理能力成长与激励机制研究”(08JC630030) |
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| 摘 要： | 本文首先建立理论模型分析总经理报酬激励强度、董事会组成、公司价值之间的内生互动关系;选取了2001～2007年制造行业的上市公司为研究样本,通过设立联立方程组考察三者之间的互动关系,结果发现:(1)公司价值与总经理报酬激励强度之间存在显著正向互动关系; (2)内部董事比例对公司价值有显著正的影响,公司价值对内部董事比例无显著影响,公司价值与独立董事比例、董事会规模之间不存在互动关系;(3)总经理报酬激励强度与独立董事比例和董事会规模存在显著的正向互动关系,与内部董事比例不存在互动关系。根据检验结果,我们认为,独立董事制度成为经理自利的工具,需要从制度上增强其独立性,在董事会结构中增加内部董事的比例,强化董事会促进公司长期发展的治理导向作用。
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| 关 键 词： | 报酬激励强度 董事会组成 公司价值 互动关系 |
Interaction Relationship of Compensation Incentive Intensity of General Manager,the Constitution of Director Board and Corporate Value-Theoretical and Empirical Research |
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| XIAO Ji-hui,PENG-Wen-ping,XIAO Na-hui. Interaction Relationship of Compensation Incentive Intensity of General Manager,the Constitution of Director Board and Corporate Value-Theoretical and Empirical Research[J]. Economic Management, 2009, 0(2) |
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| Authors: | XIAO Ji-hui PENG-Wen-ping XIAO Na-hui |
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| Affiliation: | 1.Management School of Jinan University;Guangzhou;510632;China;2.Economic & Management School of Southern Normal University;510631;3.Accounting school of Hunan University;Changsha;Hunan;410082;China |
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| Abstract: | Firstly,we construct a theoretical model to analyze the endogenous interactive relationship between compensation incentive intensity of general manager,the Constitution of Director Board and corporate value.Then,we select the listed manufacturing corporation in 2001 and 2007 as samples,and use simultaneous equations to examine the interaction relationship between them;The empirical results are: (1)there are significant positive interactive relationship between t corporate value and executive incentive inten... |
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| Keywords: | compensation incentive intensity the Constitution of Director Board corporate value interaction relationship |
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