不同市场化进程下高管激励契约的成本与选择：货币薪酬与在职消费  

How Marketization Affects Incentive Contract Costs and Choices:Perks or Monetary Compensations?

作　　者：陈冬华[1,2] 梁上坤[1,2] 蒋德权[1,2] 

机构地区：[1]南京大学会计与财务研究院 [2]南京大学商学院会计学系,210093

出　　处：《会计研究》2010年第11期56-64,共9页Accounting Research

基　　金：国家自然科学基金课题(70602011);国家社会科学基金课题(08CJY009)的研究成果;教育部新世纪优秀人才支持计划,教育部博士研究生学术新人奖、南京大学中青年优秀学科带头人计划;上海财经大学会计与财务研究院、南京大学会计与财务研究院“国际化会计学博士生项目(IAPHD)”的资助

摘　　要：在职消费与货币薪酬不同的适用条件,决定了两者作为激励的契约成本的差异。当市场化程度提高时,相比隐性的在职消费契约,货币薪酬契约成本可能减少得更多,因而在契约组合中会得到更多应用。本文使用市场化指数作为替代变量,对上述推论进行检验。结果发现,市场化指数越高的年份和地区,货币薪酬和在职消费绝对量均为更多,但货币薪酬契约更多地代替了在职消费契约;在相同年份和地区,被保护行业则会显著地抑制这一替代关系。本文将在职消费隐性契约的特点纳入到契约成本的分析中,为不同激励契约间关系的研究增添了新的重要证据;发现了市场化水平对不同激励构成的契约成本的影响,随着市场化进程的深入,在激励契约中,货币薪酬契约对在职消费契约呈边际替代的趋势。In this paper,we compare the cost of perks contract and cash compensations contract.We find that the cost of perks contract is different,because it is one of the implicit contracts.When the level of marketization increases,the cost of cash compensations contract may decrease more than perks contract.So the cash compensations contract may be used more.Using the NERI(National Economic Research Institute) index of the marketization of the provinces in China as a proxy,we test the theory and inference above.The results show that in years and areas with higher NERI index,the perks and cash compensations are more,but perks contract will be more substituted by the cash compensations contract,and this relation may be weakened in the protected industries.These results are consistent with former inference.Several contributions of this paper are here.First,we consider the influences of implicit contract to the contract cost,and offer new and important evidence to the researches of the relation among different pay contracts.Second,we show how the level of marketization will impact the parts of the pay contract cost,which may be useful in researches of other contracts,too.Finally,the findings of this paper are also useful to the researches of perk-firm's value studies,which is lack of stable conclusions until now.

关 键 词：在职消费 货币薪酬 隐性契约 市场化水平 

分 类 号：F272[经济管理—企业管理] F275[经济管理—国民经济] F224