CEO零薪酬:示好还是作秀被引量：3

￥0 CEO: A Good Will or a Show

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摘要针对与"天价薪酬"相对的中国上市公司高管领取"零薪酬"现象,我们对CEO领取零薪酬的动机及其效果进行了实证研究。研究发现,CEO领取零薪酬既不是为了掩饰其谋求私有收益的真实动机,也不是通过零薪酬来表明其与公司共渡难关的决心,而是一种对自己薪酬计划的理性选择。此外,领取零薪酬的CEO的权力往往较大且通常过度自信,所在公司的资产负债率更高且专业委员会数量更少,而且零薪酬计划在短期内对公司绩效具有显著的负面影响。我们的研究表明,领取零薪酬虽然是CEO的理性选择,但对公司而言并不是一个很好的选择。 For the phenomenon that the executives in Chinese listed companies work for an annual salary of ￥0 compared to the sky-high compensation, this study examines the incentives and effects of the ￥0 salary. The study finds that the reason why some CEOs choose a TO salary is neither a ruse hiding the rent-seeking pursuits of CEOs nor overcoming the difficulties with the company, but rather a rational choice for their compensation plan. Besides, CEOs who work for a ￥0 salary tend to be powerful and overconfident, and the companies these CEOs work for have high asset-liability ratio and less number of committees, compared with other firms. Moreover, the ￥0 salary has a significant and negative influence on firm performance in the short term. These findings show that al- though ￥0 is a rational choice for CEOs, it is not a good choice for the company.

作者曹廷求李晋

机构地区山东大学经济学院

出处《山西财经大学学报》 CSSCI 北大核心 2014年第7期81-90,共10页 Journal of Shanxi University of Finance and Economics

基金 "泰山学者"建设工程专项经费资助项目国家自然科学基金项目(71272119)的阶段性研究成果

关键词 CEO零薪酬 CEO特征公司特征公司绩效 ￥0 CEO characteristics of CEOs characteristics of the firm firm performance

分类号 F270 [经济管理—企业管理]

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参考文献43

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