摘要
由于不同所有制企业存在重要的产权和治理结构差异,因此它们对经理的激励也可能存在重要差异。基于此,本文将样本上市公司分为国家机构直接控股、国有独资企业代表国家间接控股、国有法人控股和私营企业控股的民营上市公司四类,并且分别检验四类样本公司的经理报酬业绩敏感性。我们发现:民营上市公司经理报酬业绩敏感性最高,其次是国有法人控股和国有独资企业控股的上市公司,而国家机构直接控股的上市公司报酬业绩不敏感。
In view of the various types ownership have significant discrepancy in property rights and corporate governance, the authors believe that there might exists material difference in compensating and motive management. Based on that, the authors divide public firms into four categories: (1) direct control through Government Agencies(Gas); (2) indirect control through Solely state-owned Enterprises(SSOEs); (3) indirect control through Legal Person State- ownedent Erprises(LPSOEs); (4) direct control through Private-owned Enterprises(PEs). In addition, the paper checks on executive compensa- tion performance sensitivity of those four categories each, and finds out that the sensitivity of PEs is the highest, then is LPSOEs and SSOEs, however, there is low degree of sensitivity for GAs.
出处
《南开管理评论》
CSSCI
2005年第3期18-24,共7页
Nankai Business Review
