摘要
本文发展了一个股东价值创造链来分析经理人激励的潜在业绩基础,但不讨论具体选择问题。股东价值创造链由一系列或为因果或交互影响或协同并列的价值驱动器构成。按照股东价值创造链,经理人激励的潜在业绩基础可分为会计基础业绩和市场基础业绩(以及它们衍生出来的相对业绩评价这一业绩基础),它们又由一系列的具体业绩指标组成。此外,经理人激励合约还可能利用作为前两种业绩基础之补充的个别业绩评价(与个别业绩指标)、主观业绩评价(与主观业绩指标)。
We develop a shareholders'value creation chain to analyze the potential performance bases for executive incentive, but we do not discuss the problems regarding specific performance basis choice. The chain is composed of a series of value drivers which share cause- effect,or interacting,or parallelly cooperative relationship. According to the chain,the potential performance bases for executive incentive can be classified into accounting - based performance and market - based performance (and the derivative one,RPE) ,both of which comprise a series of specific performance measures. Moreover, both individual performance evaluation(individual performance measures) , subjective performance evaluation (subjective performance measures) can serve as the complements to the above performance bases in executive incentive contracts.
出处
《会计研究》
CSSCI
北大核心
2003年第12期28-33,共6页
Accounting Research
基金
国家自然科学基金资助项目(批准号为70072012)的阶段性成果。
