CEO报酬和公司绩效的关系【外文翻译】

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1、外文翻译原文THEIMPACTOFINCENTIVESONCEOCOMPENSATIONANDFIRMPERFORMANCEMaterialSource:RISEC,VolumeAuthor:MAHMOUDM.NOURAYI1IntroductionAsignificantcomponentofamanagementcontrolsystemistheincentivemechanismandmotivationalunderpinningofcompensationcontracts.Awell-designedincentivesystemcandealeffectivelywithbo

2、thadverse-selectionandmoralhazardissuesinanagencycontract.Themainobjectiveofthisstudyistoidentifytheinfluenceofincentivecontractsandperformancemeasuresonexecutivecompensation.WealsoassessthesensitivityofCEOpaytocashincentivesascomparedtostock-basedincentives.Therelationshipbetweenexecutivecompensat

3、ionandcorporateperformancehasbeenextensivelystudiedbyresearchersfromvariousperspectives.Researchhasconfirmedthepositiverelationbetweenfirmsizeandexecutivecompensationaswellastheinfluenceoffirmperformanceonexecutivepay.Forthemostpart,interesthasconvergedontheimplicationsofagencytheorywithaconcentrat

4、iononthelinkagesbetweenexecutivecompensationandfirmperformance.Murphy(2000)indicatesthatamajorityofcompaniesusemultiplemeasuresofperformanceinrewardingtheirexecutives.Themostpopularformsofrewardseemtobecashandcompanystock.Majorityofpubliccompaniesofferstockoptionsorrestrictedstockinordertoassurethe

5、congruityofthemanager’swelfareandtheownerwealth-maximizationobjectives.Cashcompensationtoexecutiveshastwopredominantcomponents,fixedsalaryandbonus.Bonusesaregenerallylinkedtosomeperformancemeasuresthatsignalcongruenceofmanagerialchoiceswithspecificorganizationobjectives.Inthisstudy,weconcentrateons

6、tockoptionsandbonusincentiveplans.Stockgrantsandstockoptiongrantsareintendedtorewardtheexecutivesforchoicesthatinfluencepositivechangesinthestockpricesandassuchmaybeconsideredafuture-orientedrewardsystem,asopposedtobonusesthataretypicallybasedonsomeaccountingmeasureofprofitability.However,ithasbeen

7、arguedthataccounting-basedmeasuresareex-post,historicalmeasuresofperformance,andarethusconceptuallylessrelevantfromtheshareholder’sperspective.Conversely,marketreturnisgeneratedfromstockpricechangesandisnot