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ID:33022028
大小:61.84 KB
页数:13页
时间:2019-02-19
《提高报酬激励机制价值创造从公司的副产品寻求外文翻译》由会员上传分享,免费在线阅读,更多相关内容在工程资料-天天文库。
1、提高报酬激励机制、价值创造从公司的副产品寻求外文翻译原文:正文ENHANCINGMANAGERIALINCENTIVESANDVALUECREATION:EVIDENCEFROMCORPORATESPTNOFFSAbstractWestudycorporatespinoffswithchangesinCEOcompensationtoexaminehowspinoffsaffectmancigerieilincentivecompensationandwhetherthechangesinmanagerialcompensationcanexp
2、lainthevalueenhancementandoperatingperformanceimprovementsthatoccurfollowingspinoffs.Analyzingasampleof124non-taxablespinoffsduring1990-1997,wefindthatchangesinincentivecompensationareasignificantmotiveforspinoffs.Changcsinmanagcrialinccntivcsaloneareconsistentwiththepost-sp
3、inoffchangesinoperatingperformance,whilechangesinbusinessfocusarenot.Spinoffsthatarenotaccompaniedbyenhancedpay-performancerelationshipdonotimproveoperatingperformanceevenwithincreasedbusinessfocus.JELG34,J33.IntroductionAcorporatespinoffdividesacompanyintotwoormoreindepende
4、ntfirmsandoffersafirmanopportunitytoimprovemanagerialinccntiveswithfreshcompensationpackagesdirectlytiedtoitsownstockprice.Theinitialroundofstudiesoncorporatespinoffsshowsthatthemeirketreactiononspinoffannouncementsissignificantlypositiveatabout3%onaverage.1Thesubsequentrese
5、archexplainsthesourceofgainsbasedonimprovedbusinessfocusorinfonnation.2Morerecently,removingdiversitycostsandnegativefinancialsynergiesissuggestedasthesourceofgainsfromspinoffs.3Unfortunately,theseexplanationsareneithermutuallyexclusivenorinconsistentwiththeexplanationbasedo
6、nmanagerialincentives.4Althoughscholarsindisciplinesincludingfinancialeconomicshavestudiedmaneigerialcompensationtoreduceagencyconflictsbetweenshareholdersandmanagersfordecades,thereisnoempiricalevideneeonwhethercorporationsimplementingspinoffsenhancemanagerialincentivecompe
7、nsationforeitherthepost-spinoffparentfirmshereafter"post-parents〃orthespinoffsubsidiaries.5Littleisknown,cither,aboutwhetherenhancingmanagcrialincentivesfollowingspinoffsarerelatedtooperatingperformanceimprovementsTobetterunderstemdthesourcesofgainsfromcorporatespinoffs,weex
8、amineasampleof124spinoffsduring1990-1997andinvestigatethemanagerialincentiv
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