华东师范大学(哲学社会科学版) ›› 2018, Vol. 50 ›› Issue (3): 113-125.doi: 10.16382/j.cnki.1000-5579.2018.03.011

• 公司治理研究 • 上一篇    下一篇

契约参照点、高管薪酬激励与超额在职消费

杨蓉   

  1. 华东师范大学经济与管理学部, 上海, 200241
  • 出版日期:2018-05-15 发布日期:2018-05-22
  • 作者简介:杨蓉,经济学博士,华东师范大学经济与管理学部教授,博士生导师(上海,200241)。
  • 基金资助:

    国家自然科学基金项目"大学治理、财务管理和价值增值的关系研究"（项目编号：71573090）；国家社科基金项目"规范垄断行业企业高管薪酬问题研究"（项目编号：09BJY031）。

Contract Reference Points, Executive Compensation Incentives and Excess Perquisites

YANG Rong   

  • Online:2018-05-15 Published:2018-05-22

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摘要：

基于契约参照点理论，以中国A股上市公司2009—2014年的数据为样本，探究契约参照点、高管薪酬激励与超额在职消费三者之间的关系，其研究结果发现：契约参照点与超额在职消费之间具有正向关系；高管薪酬激励有利于降低超额在职消费，对契约参照点与超额在职消费之间的关系具有负向调节作用，且存在产权和经理人市场化程度方面的差异。研究还发现：与"八项规定"政策实施前相比，该政策实施后国有控股上市公司高管薪酬激励对契约参照点与超额在职消费之间关系具有负向调节作用，说明这一政策得到了有效落实。上述结论对如何进行高管薪酬契约设计以及解决高管超额在职消费问题提供了相应的证据支持与参考。

关键词: 契约参照点, 高管薪酬激励, 超额在职消费, “八项规定”政策

Abstract:

Based on the contract as a reference point theory, this paper takes the data of China's listed companies from 2009 to 2014 as samples to study the relationships among contract reference points, compensation incentives and excess perquisites. We find that there is a positive relationship between contract reference points and excess perquisites; compensation incentives benefit to reduce excess perquisites, and play a moderator role in inhibiting the relationship between contract reference points and excess perquisites, with significant differences due to the elements of companies' ownership and manager market degree. The study also shows that compensation incentives of state-owned listed companies have a negative adjustment effect on the relationship between contract reference points and excess perquisites after the implementation of the "eight regulations" policy. The research findings can provide relevant evidences that support and guide how to design the contracts of executive compensations reasonably and solve the problem of excess perquisites effectively.

Key words: contract reference points, executive compensation incentives, excess perquisites, “eight regulations&rdquo, policy