公司高管声誉的三重激励效用及其实现途径

The Triple Incentive Effects of Executives' Reputation and Their Realization Way

现代公司普遍以薪酬、股权等显性契约对其高管进行激励,但随着该类契约的局限性逐步凸现,深入探究如何发挥声誉的激励效用,是实现不同高管激励契约配置与协同的前提与基础。本文承续经济学、社会学、管理学对声誉提出的理论框架,通过案例研究方法,揭示了声誉的三重激励效用,即信号效用、工具效用和心理效用。并从实践层面归纳新的研究发现,阐释了激励效用的实现途径,构建了以声誉为激励物和强化物的循环性声誉激励机制,以期通过深化声誉激励的研究为公司高管激励的理论和实践提供有益指导。

Explicit contracts such as monetary and equity are used commonly by companies to motivate executives nowadays,but the limitations of them gradually emerge. Exploring how to play the incentive effect of reputation is the premise and foundation to realize the synergy of different executive incentive contracts. With continuation of economics,sociology and management theoretical from work of reputation,using the case study method,this paper reveals the triple incentive effects of reputation： the signal utility,tool utility and psychological utility. Then it explains the realization ways of incentive utility by generalizing new findings from the practical level,and then builds a mechanism of reputation as reinforcer and fortifier. It expects to develop the studies of the reputation incentive to provide useful guidance for the theory and practice of executive incentives.