社会地位、在职消费与激励绩效

Social Status,Perks and Incentive Performance

对企业高管进行有效激励,降低企业的激励成本,有利于企业的平稳运行和经济的繁荣发展。文章以2003-2014年所有A股上市公司为样本,对在职消费通过彰显'地位'、'威望'等而对企业高管产生的激励作用进行检验。研究发现,'地位'、'威望'等精神层面的非物质因素对企业高管具有激励作用,并在激励效果上对货币薪酬具有替代作用:国有企业中,在职消费更可能作为货币薪酬的替代性补偿而产生激励作用;民营企业中,在职消费更可能发挥精神层面的激励替代作用。而在货币薪酬等物质激励得到相对满足的情况下,考虑了'地位'、'威望'等精神因素的激励契约具有更高的激励相容性,能够有效地为企业节约激励成本,提高内部资源配置效率,进而提升股东价值。

It is essentially important for the smooth operation of the firm and the prosperity of the macro-economy by effectively motivating the executives,reducing the incentive costs,and improving the allocative efficiency of the scarce resources within the firm.This paper tries to provide empirical evidences for the evaluation of the spiritual incentive effect of social status by investigating and performing tests on the incentive effect of perks on executives via demonstrating social status and prestige,with the sample of all A-share listed firms between 2003 and 2014.Specifically,we test(1)the incentive effect of perks between SOEs and NSOEs,(2)the substitution effect of perks for monetary compensation on the aspect of incentive effects,and(3)the difference of the above two effects between SOEs and NSOEs.The results showthat spiritual incentives of social status and prestige have a conspicuous motivating effect on the executives,and that there is a substitution effect of the spiritual incentives for salary.For more detail,we also further conduct additional tests to provide answers for the problems of(1)the difference between the mitigating effect of perks on the negative effect of corporate performance induced by lack of salary compensation in different kinds of ownership enterprises,and(2)the difference of the characteristic of compensation contracts which includes perks,namely,the Perk-Performance Sensitivity,between different kinds of ownership enterprises,as well as different governance structure in NSOEs.We conduct the additional investigations in aims of providing deeper insights of the probability of the mental incentive effects,which is totally distinctive from the material incentive,and the probability of the vehicle and embodiment of social status embedded in the executive incentive contracts,of perks.With the support of the additional investigations,we obtain further evidence to support our point of view;we find that(1)the executives in NSOEs,especially those with distinguished features of major shareholder management in its governance structure,are more likely to motivate their executives via immaterial incentive factors,such social status and prestige,etc.,compared with SOEs,which indicating the incentive contract with the consideration of the immaterial factors of social status and prestige to be more incentive compatible.Last but not least,as the segment of robustness test,we conduct several tests to compare the difference between several types of NSOE with distinct corporate governance structures;we also conduct various measurement of the relevant key variables with different proxies to enhance the robustness of the empirical tests and the reliability of the conclusions.In conclude,we find that the immaterial factors,such as social status and prestige,provide evident incentive effects for executives,and are fairly substitutive for the monetary rewards in terms of the stimulating effects.The results indicate that the incentive contracts with the consideration of immaterial factors,such as social status and prestige,are more incentive compatible to help save the incentive costs,enhance the allocative efficiency of internal resource,and finally elevate the shareholder value.Finally,we conclude three major contributions to enrich the existing literatures.