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

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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