市场波动条件下的经理人EVA激励契约研究

Research on Manager EVA Motivation Contract under the Condition of Market Fluctuation

近年来,出现了许多创新的业绩激励指标,经济增加值(EVA)是其中最有影响的指标之一。在传统EVA激励契约研究的基础上,通过引入外部市场波动因素,建立市场波动条件下改进的经理人EVA激励契约模型,并运用委托代理的结构框架对该模型进行研究,得出改进的EVA激励契约比传统的更能体现经理人与股东利益一致性的结论。

Recently,many new performance motivation methods emerged,EVA（Economic Value-Added） research becomes one of the most important ones,and it was a significant method to China＇s corporate.This paper bases on traditional EVA motivation,builds new EVA motivation model under the condition of market fluctuation.In addition,the paper researches the new model by using of Principal-agent theory,and concludes that the new EVA motivation can reflect the objective consistency of managers and shareholders better than the traditional one.We hope that the results of this paper might be helpful to China＇s companies which using EVA motivation.