摘要
本文以2012年到2014年深沪两市A股非金融类上市公司为样本,借鉴以往学者的研究方法,构建了薪酬-业绩敏感性模型和粘性模型,运用SPSS17.0、EXCEL2007等相关统计软件,从财务会计数据生产过程锲入,考虑公允价值转回后,检验会计准则中公允价值计量的引入对上市公司管理层货币薪酬之间的影响。研究认为,公允价值作为一种计量属性,其引入和应用带来了一定的契约经济后果,我国上市公司管理层薪酬契约中对公允价值的运用促进了契约的激励作用,但不能对管理层形成有效约束。董事会特征等因素在契约设计时没有被充分考虑。以上结论都说明我国上市公司的管理层薪酬机制仍有待进一步完善。
Taking the A-share non-financial listed companies in Shenzhen and Shanghai stock market from 2012 to 2014 as a sample, and referring to the research method of the previous scholars, the compensation-performance sensitivity model and viscosity model are built. Using statistical softwares such as SPSS17.0 and EXCEL2007, from the financial and accounting data production process, and after considering the return of fair value, the influence of the introduction of fair value in accounting standards on the management monetary compensation of listed company. Study suggests that as a measurement attribution, the introduction and application of fair value has brought certain contract economic consequences. The application of fair value in the management compensation contracts in the Chinese listed companies has promoted the incentive effect of the contract, but it can't be effective restriction to the management. Board characteristics and other factors have not been fully considered in design. All conclusions above illustrate that the mechanism of the executive compensation of listed companies in China remains to be further perfected.
出处
《价值工程》
2015年第36期74-78,共5页
Value Engineering
关键词
公允价值计量
公允价值转回
管理层薪酬契约
fair value measurement
fair value return
management compensation contract