管理层激励约束与企业效率

Managerial Incentives,Managerial Constraints and Firm Efficiency

选取竞争充分和政府干预较少的中国家电行业上市公司(2001-2009年)为研究样本,首先运用不考虑影响因素的面板数据随机边界分析超越对数生产函数模型对样本企业的技术有效性进行分析,结果发现,中国家电行业上市公司长期存在严重的技术无效现象。在此基础之上,采用考察影响因素的随机边界模型对管理层激励、管理层约束与企业效率之间的关系进行实证检验,研究结果表明,管理层激励约束机制整体上对企业效率产生了正面效应,而股权分置改革进一步放大了这种正面效应;管理层薪酬激励对企业效率的提高发挥了积极作用,但作用程度有限;而管理层股权激励与企业效率之间的关系却不明朗;股权集中度与企业效率呈倒U型关系,董事会规模与企业效率呈负向关系,独立董事比例与企业效率则无明显的关联关系;产品市场约束对企业效率具有正向影响;债务市场约束对企业效率具有负向影响;股权市场约束对企业效率的正向影响并不显著。

This paper selects listed companies in Chinese home appliance industry during 2001 -2009 as research sample, which has characteristics with full competition and less government intervention. First, we use stochastic frontier model based on panel data with no regard to influence factors to evaluate the technical efficiency of our re- search sample. The results show that there is a long - standing phenomenon of serious technical inefficiency. On this basis, we apply stochastic frontier model concerning influence factors to analyze the influence of managerial incentives and managerial constraints on the efficiency. The results show that management incentives and constraints have a positive effect on firm efficiency overall, and the split share structure reform enlarges the effect; monetary compensation has a positive effect on firm efficiency, but the effect is weak; and the relationship between equity in- centive and firm efficiency is not clear; there is an inverted U -shaped relationship between ownership concentra- tion and firm efficiency; a negative relationship between board size and firm efficiency, while the association between the proportion of independent directors and firm efficiency is not obvious ; the constraints from product market have a positive impact on firm efficiency; but the constraints of debt market has a negative impact; and the constraints from equity market have an insignificant positive effect on efficiency.