不同生命周期阶段高管薪酬契约与业绩标准选择

Top Managers' Compensation Contract and Performance Standard Choice in Different Life-Cycles

以2008~2010年度沪市A股上市公司为研究对象,通过实证研究检验公司不同生命周期阶段高管薪酬与各个层面业绩之间的相关性,发现不同阶段高管薪酬契约设计中的业绩标准选择存在显著性差异.初创期和成长期公司偏好传统的净资产报酬率和股票市价,倾向于采用财务模式和市场模式双重层面的业绩标准;成熟期公司偏好股票市价,选择市场模式业绩标准;衰退期公司只关注成本降低率,采用财务模式业绩标准.同时,实证研究结果显示高管薪酬契约设计忽略了价值模式业绩标准,导致我国上市公司价值创造能力较低.

Based on 2008 ～ 2010 Shanghai A-share listed companies, the relationship between top managers＇ compensation and company performance at various life-cycle stages was tested by an empirical research. It was found that the choices of performance standards in designing top managers＇ compensation contract are different at various life-cycle stages. The companies in the initial and growing periods prefer to select performance standards with both financial and market modes, such as return rate on net assets and stock market value; those in the maturity period have preference for market mode performance standard, such as stock market value; those at the recession stage only pay attention to rate of cost reduction and adopt financial mode performance standard. What is more, the empirical research findings indicated that value mode performance standard is ignored in designing top managers＇compensation contract, which leads to a comparatively lower value creation ability for China＇s listed companies.