高管在职消费对公司业绩的影响机制——基于经济性质视角

Impact Mechanism of Executive Perks on Companies Performance:Based on Economic Nature Perspective

以在职消费的经济性质为逻辑分析起点,从理论上阐释了高管在职消费的各成分(货币薪酬补充、正常职务消费和自娱性消费)对公司业绩的影响机制,并选择2011—2016年中国上市公司的年报数据进行实证检验。结果显示:货币薪酬补充成分在职消费对高管发挥有效激励作用,是补偿性激励机制,对货币薪酬激励效应具有显著的正向促进作用;维系关系发生的在职消费是一种关系资本投资,主要用于维系公司与政府的关系,而非客户关系;自娱性消费产生代理成本,损伤公司价值。

This paper regards perks'economic nature as the starting point for logical analysis,and explains the impact path and the mechanism of each component of perks.The study uses the Chinese listed companies'annual report data from 2011 to 2016 to test empirically.Three conclusions are found as follow:monetary compensation supplementary perks could incite executives efficiently,which shows a compensatory incentive mechanism,furthermore,it has a significant positive effect on monetary compensation incentive effect;normal duty consumption is a kind of relationship capital investment and mainly used to maintain the relationship between company and government,rather than customer relations;entertainment consumption produces agency costs and damages the value of the companies.