英国房地产公司高管薪酬[外文翻译]

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1、本科毕业论文（设计）外文翻译原文：ExecutiveCompensationinUKPropertyCompaniesRecently,theoftenveryextensiveexecutivecompensationpackages,whichwereoriginallydesignedtoalleviatetheagencyproblembetweenmanagersandshareholders,haveattractedintensescrutinybyregulators,thegeneralpub

2、lic,andacademics.ThisscrutinyisfuelledbyrecentcorporatescandalsatcompaniessuchasAholdandEnron,andbymanagementpayhikesattimesofworkerlay-offs.Therefore,moreemphasishasbeenputonthestructureofexecutivecompensationpackages.Inthispaper,wepresentevidenceonexecutiv

3、ecompensationpracticesintherealestatesector.However,unlikepreviousresearchonexecutivecompensationintherealestatesector,whichhasbeenbasedonUSREITs,wefocusontheUKpropertymarket.AREIT-likestructurewasonlyimplementedintheUKinJanuary2007,andthushasnotbeenavailabl

4、euntilveryrecently.ThelackofaREITstructureimpliesthatunliketheirUScounterparts,UKpropertycompanieswerenotobligedtodistributeatleast90%ofincome.Therefore,weexpectagencyproblemstobemoresevereintheUKlistedpropertymarketthanintheUSREITmarket.Westudyasampleof39pr

5、opertycompanieslistedintheUKbetween1998and2003.Weusethreegroupsofvariablestostudythelevelofexecutivecompensation.Theseareeconomicandaccountingmeasuresofperformance,governancemechanisms,andasset-specificcharacteristics.Wefindthatsizeisthemostimportantdetermin

6、antofexecutivecompensation,andthisrelationisnon-linear.Absoluteandrelativeshareperformancesignificantlyexplainslong-termcompensation,managementstylehasadistinctinfluenceonthelevelofexecutivecompensation,andusingalternativemonitoringmechanisms(institutionalsh

7、areholders,debtholders,andoutsidedirectors)leadstohigherlevelsoflong-termincentives.Next,weanalyzechangesinexecutivecompensation,alsoreferredtoaspayperformancesensitivityorpay-performanceelasticity.WedocumentthatthepayperformancesensitivityinUKpropertycompan

8、iesisweak.Executiveshareholdingsprovideamuchstrongerlinkbetweenpayandperformancethandoesexecutivecompensation.Toourknowledge,thisisthefirststudytoperformadetailedcomparisonbetweencompensationpra