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、原文：正文ENHANCINGMANAGERIALINCENTIVESANDVALUECREATION:EVIDENCEFROMCORPORATESPINOFFSAbstractWestudycorporatespinoffswithchangesinCEOcompensationtoexaminehowspinoffsaffectmanagerialincentivecompensationandwhetherthechangesinmanagerialcompensationcanexplainthevalueenhancementandoperatingp

2、erformanceimprovementsthatoccurfollowingspinoffs.Analyzingasampleof124non-taxablespinoffsduring1990-1997,wefindthatchangesinincentivecompensationareasignificantmotiveforspinoffs.Changesinmanagerialincentivesaloneareconsistentwiththepost-spinoffchangesinoperatingperformance,whilechan

3、gesinbusinessfocusarenot.Spinoffsthatarenotaccompaniedbyenhancedpay-performancerelationshipdonotimproveoperatingperformanceevenwithincreasedbusinessfocus.(JELG34,J33).IntroductionAcorporatespinoffdividesacompanyintotwoormoreindependentfirmsandoffersafirmanopportunitytoimprovemanager

4、ialincentiveswithfreshcompensationpackagesdirectlytiedtoitsownstockprice.Theinitialroundofstudiesoncorporatespinoffsshowsthatthemarketreactiononspinoffannouncementsissignificantlypositiveatabout3%onaverage.1Thesubsequentresearchexplainsthesourceofgainsbasedonimprovedbusinessfocusori

5、nformation.2Morerecently,removingdiversitycostsandnegativefinancialsynergiesissuggestedasthesourceofgainsfromspinoffs.3Unfortunately,theseexplanationsareneithermutuallyexclusivenorinconsistentwiththeexplanationbasedonmanagerialincentives.4Althoughscholarsindisciplinesincludingfinanc

6、ialeconomicshavestudiedmanagerialcompensationtoreduceagencyconflictsbetweenshareholdersandmanagersfordecades,thereisnoempiricalevidenceonwhethercorporationsimplementingspinoffsenhancemanagerialincentivecompensationforeitherthepost-spinoffparentfirms(hereafter"post-parents")orthespin

7、offsubsidiaries.5Littleisknown,either,aboutwhetherenhancingmanagerialincentivesfollowingspinoffsarerelatedtooperatingperformanceimprovements.Tobetterunderstandthesourcesofgainsfromcorporatespinoffs,weexamineasampleof124spinoffsduring1990-1997andinvestigatethemanagerialincentivehypot

8、hesisdirectlybycoll