中国上市公司高管激励与公司绩效研究

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1、ABSTRACTExecutiveincentiveproblemderivesontheseparationofownershiprightsfrommanagementrightsinmodementerprises，therearemanyproblemssuchasdifferentobjectives，informationasymmetrywhichexistinmodementerprisesbetweenownersandexecutives．Thecomplexityanduncertaintyofoperatingenterpriseurg

2、edthegravityofthisproblem．Wecansolveitthroughdesigningandcarryingoutabenignincentivescheme．Inknowledgeeconomyera,thecompetitionamongenterprisesinessenceisthecompetitionofpersonwithability．ExecutivesbeIzomethecoreresourceofmodementerprise，andexcellentexecutivesisrare，SOhowtoattractan

3、dmotivateexecutivestodevoteeffecttoenterprises’operatingtoenhancetheprofitsofenterprisesisthekeytothedevelopmentofenterprises，furthermore，executiveincentivehasthiseffect．ThispapermainlyanalyzedtherelationshipbetweenexecutiveincentiveandcorporateperformanceinChina；wedistinguishedbetw

4、eenstate--ownedlistedcompanyandprivatelistedcompanybytheultimatecontrollingprinciple．Besides，westudiedtherelationshipbetweenpoliticalincentive，corporateperformanceandcorporateperformanceaboutthestate—ownedlistedcompany,andtherelationshipbetweenpoliticalincentiveandcorporateperforman

5、ceaboutprivatelistedcompany．Finally,weexaminedthebenefitsofprivatelistedcompanyexecutives’Politicalidentity．Forstate—ownedlistedcompanies，thestudyfoundthatcompanyexecutives’compensationCan’tsignificantlyimprovethecorporateperformance，buttheequityincentiveandcorporateperformancehaspo

6、sitivecorrelation，andthereisapositiverelationshipbetweenpoliticalincentivesandcompanyperformanceingeneral．Companyexecutivesshareholdingisgenerallynothigh，equityincentiveasakindofeffectiveincentiveshavenotbeenverygooduse．Withtheincreaseofcorporateperformance，thechairmanCanmoreeasilyg

7、ainpoliticalpromotion，whilethegeneralmanagertogetamaterialreward．Whenthereisanopportunityforpromotion，politicalincentivesandmaterialincentiveshaveacertainrelationshipbetweenaltemative．Forprivatelistedcompanies，thestudyfoundthatthepoliticalincentivesisthecomplementofthematerialincent

8、ives，thepoliticalin