探究公允价值在高管薪酬契约中受托责任的反映

Explore Accountability Reflected of Fair Value in Executive Compensation Contract

公允价值自被我国会计准则引入后,其"决策有用性"一直备受强调。而本文检验公允价值对另一财务报告目标的反映,即回归"受托责任",强调"契约有用"。以公允价值变动损益对高管薪酬评定中薪酬业绩敏感系数及薪酬粘性的影响为视角,探究公允价值这一计量属性是否能够有效反映管理层受托责任履行情况,及企业所有者评价企业的经营管理责任和资源使用的有效性。基于2007-2015年我国上市公司数据发现,国有企业的薪酬考评机制以纳入公允价值变动损益,但其较强的薪酬粘性特征有损对"受托责任"的反映。而我国民营企业尚未明显发挥其在高管薪酬评定时的作用。

Since fair value accounting standards has been introduced, its relevancehave been emphasized. This paper investigates another reflection of the objective of financial reporting at fair value, accountability, stressing contract usefulness. In terms of fair value gains and losses' impact on the pay-performance sensitivity, this paper probes into whether the fair value measurement effectively reflect the management accountability, and how business owners evaluate management responsibility and the effectiveness of resource use. Based on data of Chinese listed companies from 2007 to 2015, we find that performance evaluation mechanism in State-owned enterprises has incorporated the fair value gain or loss, but with strong stickiness characteristics to undermine the accountability reflected. While private enterprise has not yet exerted its role in the assessment of executive compensation.