上市公司相对业绩评价假设的强式和弱式有效性——来自我国上市公司经理报酬契约的证据

A Synthesis on Relative Performance Evaluation Theory and Empirical Research

本文在介绍相对业绩评价理论模型和实证文献的基础上,以我国上市公司经理为研究对象,检验相对业绩评价假设的强式和弱式是否成立。研究的基本结论是:(1)支持以市场加权平均、简单平均和中位数 ROE 业绩为参照业绩 RPE 假设弱式;(2)支持以同一地区简单平均 ROE 业绩为参照业绩的 RPE 假设弱式;(3)支持以1位数加权平均、简单平均和中位数 ROE 业绩为参照业绩的 RPE 假设弱式;(4)支持以2位数行业简单平均 ROE 业绩为参照业绩的 RPE 假设弱式。

Based on introducing Relative performance evaluation(RPE)model and empirical literatures,we testify the valid- ity of strong and weak form of RPE hypothesis by using CEO compensation contracts of China's listed company as sample.The main foindings are:i)supporting the weak form of RPE by using weighted,simple averaged or medium aggregating ROE performance of companies from same market as referred performance;ii)supporting the weak form of RPE by using simple averaged aggregated ROE performance of companies from same area as referred performance.;iii)supporting the weak form of RPE by using weighted,simple averaged or medium aggregating ROE performance of companies from same l digit SIC industry as referred performance,iv)supporting the weak form of RPE by using simple averaged aggregating ROE performance of companies from same 2 digit SIC industry as referred performance.