管理层和总经理的隐性激励和企业绩效——来自中国股票市场的证据

Management and General Manager Implicit Incentive and Firm Performance： The Evidence from China＇s Stock Market

管理层的激励对企业来说是重要的,本文在构建管理层和总经理隐性激励的相关指标体系基础上,构建了面板数据模型和总经理初始身份控制下的回归模型,进而研究了相关指标和企业绩效的关联。结果表明,管理层平均年龄、任职年限、教育程度和企业绩效正相关,总经理年龄、学历、外部聘请、创始人和企业绩效正相关,总经理更换工作单位次数、总经理任职情况、任职年限和企业绩效负相关,而这些支持＂管理权力论＂假说。重要的是,不同初始身份的总经理,所看重的激励是不同的。

Management incentive is important for firm. This Paper built the index system of management and general manager implicit incentive, and made panel data model and regres- sion model under the control of the general manager initial identity. It researched the relevancebetween index and firm performance. The result was that working years, education degree were positive correlation the average age of management, with firm performance, the ages, education, outer, founder of general manager were positive correlation with firm performance, the replacement frequency, Positions, working years of general manager were Negative corre- lation with firm performance. This paper supports the Hypothesis of managerial power perspec- tive. That is important for each initial identity, the general manager pays attention to different incentive.