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1、企业家报酬决定的综合分析模型(Acomprehensiveanalysismodelofentrepreneurcompensationdecision)1.introductionIn90s,aroundthecoreissueofthereformofstate-ownedenterprisesinChina,thetheoreticalcirclesformedthethreepointofviewof"propertyrightstheory","externalenvironmenttheory"and"superpropertyrig
2、htstheory".Threekindsofviewpointsforthecenterofthereformofstate-ownedenterprisesisdifferent,buttheyareawareoftheimportantroleoftheentrepreneurmanagementontheefficiencyofenterprises,whichmakestheresearchontheentrepreneurmanagementisalsomoreandmoreattentionfromtheacademiccircle
3、s.Entrepreneurcompensationisanimportantaspectofentrepreneurmanagement.Thereisalargeliteratureonentrepreneurspaycontract,theannualsalarysystem,stockoptionsystem,system,long-termrewardsystem(LinChangquan,1998;WeiGang,2000;LiuHong,2000;ZhaoShuming,2000;ChineseEntrepreneursAssoci
4、ation,theMinistryoflaborandsocialsecuritywages,1999),butsystematicallytheentrepreneurrewarddecisiontheoryresearchisalsoveryrare.Sincetheforeignmanagerofmanagementrevolution,especiallythewideattentionofseniormanagersofentrepreneurcompensationhascausedeconomists,accountants,psy
5、chologistsandexpertsinhumanresourcemanagementandstrategicplanners.Theresearchcluemainlyincludes:(1)agencytheory.Theoptimalcontractshouldtakeentrepreneurenterpriserandenterpriseperformancecloselytogetherbasedontheassumptionthatalargenumberofstudiesrevealtheentrepreneurrewardon
6、corporateperformancesensitivity(Coughlan,1985;Finkelstein,1989;Jensen,1990;Conyon,1994;Conyon,1995;Rajaram,1999).Theresultsofthestudyandfoundnocompensationperformancesensitivityisverystrong,apparentlyfromtheresultspeoplethinkthereisabiggap,sothatthesefamousagenttheoristsfeeld
7、isappointed,thereforeregardlessofagencytheorytostudytheinfluencingfactorsofentrepreneurreward(JensonandMurphy,1990).Laboureconomistsusemarketforcestoexplainthedecisionofentrepreneurpay(Fama,1980;Linden;1995;EzzamelandWatson,1998).Humanresourcemanagementexpertsfromthecharacter
8、isticsofhumancapital(Agarwal,1981;TosiandGomez-Mejia,1989;Hill,1991;