高管激励与企业绩效内生性关系研究

Empirical Analysis of Endogenous Relationship Between Executive Incentive and Corporate Performance

为了研究高管激励与企业绩效之间的内生性关系,本文把高管激励分为薪酬激励与股权激励,采用经济附加值(Economic Value Added,EVA)为衡量绩效的指标,建立单一方程与联立方程模型进行实证分析.结果表明,高管激励与企业绩效存在内生性关系.高管激励对于绩效具有促进作用,而企业绩效在一定程度上又实现了高管激励机制.

The paper studies the endogenous relationship between executive incentive and corporate performance.The executive incentive is divided into compensation incentive and equity-based incentives.Economic value added（EVA）is used to measure the company performance.The single equation model and simultaneous equations models are established for the empirical analysis.The results show that there is an endogenous relationship between executive incentive and corporate performance.Executive incentive has a positive effect on performance,and corporate performance conctributes to executive incentive to a certain degree.