经济附加值与高管薪酬的实证研究【外文翻译】

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1、本科毕业设计（论文）文献综述原文二：AnEmpiricalInvestigationofEVAandExecutiveCompensationABSTRACTDespiteagrowingliterature,therelationshipbetweenthestructureofexecutivecompensationandfirmperformanceisnotfullyunderstood.Furthermore,littleworkhasbeendoneonthelinkbetweenEconomicValueAddeda

2、sameasureoffirmperformanceandtheformofexecutivecompensation.Anexaminationofthecompensationstructureandeconomicvalueaddedof209companiesin1995–1998providesevidencesupportingincentivecompensation.EconomicValueAddedisfoundtobepositivelyandsignificantlyrelatedtoincentivebas

3、edcompensation.Cashbasedremuneration,wasfoundtobeunrelatedtoEVAperformance.1.0INTRODUCTIONTheobjectiveofthispaperistoevaluatethealignmentofEVAwithmanagementpayincentivesinanagencytheorycontext.Agencytheoryhasbeenwidelyappliedtothestudyofexecutivecompensationinanendeavo

4、rtoestablishwhetherexecutiverewardsarebeingsetinamannerconsistentwiththetheory.Thetheorypositsthatthesensitivityofexecutivepaytofirmperformancewillbedependentuponrisksharingconsiderations,thelevelofmonitoringoftheexecutivebytheownersandthedegreetowhichtheirrespectivein

5、centivesarealigned.Despiteextensivestudy,FinklesteinandHambrick(1996,p.285)suggestthat‘insum,asignificantgapseemstoexistbetweeneconomicpredictionsoftheconsequencesofexecutivecompensationandactualempiricalresults.’ResultsformodelsofCEOincentivestobothmarketandaccounting

6、returnmeasureshaveproducedonlysmallexplanatorypower(Rosen,1990).ThisstudybroadenspriorresearchintheareaofexecutivecompensationbyusingEVAasameasureofvaluedeliveredtoshareholdersandreportingitsalignmentwithCEOpayoutcomes.2.0BACKGROUNDAgencytheoryrequirestheseparationofow

7、nership(principal)fromthemanagement(agent)ofafirm.Thisdivisionleadstoagencycosts,wheremanagersexploittheirsuperiorinformation(informationasymmetry)tomaximizetheirownutility.Rosen(1990),indistillingempiricalexecutivecompensationresearch,findsthatthesemilogelasticityofex

8、ecutivecompensationwithrespecttoaccountingratesofreturnisaround1.0,comparedtoastockmarketreturnofapproximately0.1.The