摘要
EVA视角下的激励机制能有效协调所有者与高管层的利益,促使高管层为股东创造更多的财富。EVA是税后经营利润减去企业所有资本成本的差额,其优越性在于EVA变化与股东财富变化的一致性。基于EVA视角下的高管层薪酬激励机制优化设计是将以EVA为基础的奖金红利计划和股票期权计划相结合,即根据EVA的数值计算红利金额、股票期权数量及行权价格。我国企业如引入以EVA为基础的高管层薪酬激励机制,还应培育有效的经理人市场、完善高管层的激励与约束机制和加强资本市场建设。
Economic Value Added （EVA）is an effective stipendiary incentive for the management. The incentive stipendiary mechanism based on EVA can effectively coordinate the interests between the owners and the management and stimulate the management to create more fortune for the shareholders. EVA is the margin between net profit after tax and the total capital cost and its advantage lies in correlated changes between EVA and shareholder＇s fortune. The optional design for stipendiary incentive mechanism for the management is to combine the bonus plan and stock option plan based on the amount of EVA, that is to calculate bonus, stock option and price on the base of EVA. However, if Chinese companies want to introduce EVA-based stipendiary incentive mechanism for the management, measures must be taken to cultivate market for professional manager, improve the incentive and supervisory mechanism for the management, and strengthen the building of capital market.
出处
《江苏大学学报（社会科学版）》
2007年第5期85-88,共4页
Journal of Jiangsu University(Social Science Edition)
关键词
EVA
高管层
激励机制
红利银行
股票期权计划
Economic Value Added
the management
stipendiary incentive mechanism
bonus bank
stock option plan
