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1、外文翻译原文PerformancePayandTop-ManagementIncentives.MaterialSource:EBSCOAuthor:MichaelC·JensenTheconflictofinterestbetweenshareholdersofapubliclyownedcorporationandthecorporation’schiefexecutiveofficer(CEO)isaclassicexampleofaprincipal-agentproblem.IfshareholdershadcompleteinformationregardingtheCEO’sac
2、tivitiesandthefirm’sinvestmentopportunities,theycoulddesignacontractspecifyingandenforcingthemanagerialactiontobetakenineachstateoftheworld.Managerialactionsandinvestmentopportunitiesarenot,however,perfectlyobservablebyshareholders;indeed,shareholdersdonotoftenknowwhatactionstheCEOcantakeorwhichofth
3、eseactionswillincreaseshareholderwealth.Inthesesituations,agencytheorypredictsthatcompensationpolicywillbedesignedtogivethemanagerincentivestoselectandimplementactionsthatincreaseshareholderwealth.ShareholderswantCEOstotakeparticularactions—forexample,decidingwhichissuetoworkon,whichprojecttopursue,
4、andwhichtodrop—whenevertheexpectedreturnontheactionexceedstheexpectedcosts.ButtheCEOcomparesonlyhisprivategainandcostfrompursuingaparticularactivity.IfoneabstractsfromtheeffectsofCEOriskaversion,compensationpolicythattiestheCEO’swelfaretoshareholderwealthhelpsaligntheprivateandsocialcostsandbenefits
5、ofalternativeactionsandthusprovidesincentivesforCEOstotakeappropriateactions.ShareholderwealthisaffectedbymanyfactorsinadditiontotheCEO,includingactionsofotherexecutivesandemployees,demandandsupplyconditions,andpublicpolicy.Itisappropriate,however,topayCEOsonthebasisofshareholderwealthsincethatisthe
6、objectiveofshareholders.Therearemanymechanismsthroughwhichcompensationpolicycanprovidevalue-increasingincentives,includingperformance-basedbonusesandsalaryrevisions,stockoptions,andperformance-baseddismissaldecisions.Thepurposeofthispaperistoestimatethemagnitudeoftheincentivesprovidedbyeachoftheseme
7、chanisms.Ourestimatesimplythateach$1,000changeinshareholderwealth44correspondstoanaverageincreaseinthisyear’sandnextyear’ssalaryandbonusofabouttwocents.WealsoestimatetheCEOwealthconsequencesassociated
