美国经理权益报酬体制弊端和争议

Problems for U.S Executive Compensation System and Disputes

根据最优契约理论设计的美国经理报酬体制旨在激励经理最大化股东价值,然而这种体制在催动美国股市不断膨胀的同时,也带来经理收入操纵和财务造假的体制性弊端,并最终引爆了2001公司会计丑闻。这种权益为主的报酬体制仍存在广泛争议,有待完善。

Followed by the optimal contracting theory, the U.S executive compensation system aims to maximize shareholder value. This system, however, not only impelled the booming stock market but also brought earning manipulation and financial misstatement, and ultimately led to corporate accounting scandals in 2001 .This kind of equity-based compensation system still involves widely disputes and needs further improvement.