中国国企高管薪酬管制的原因及其对绩效的影响——基于委托人“不平等厌恶”模型  

Reasons for Regulatory Remuneration of CEOs in China's SOEs and its Effect on Efficiency Based on Principal's Inequity-aversion Model

作　　者：王晓文[1] 魏建[1] 

机构地区：[1]山东大学经济研究院,山东济南250199

出　　处：《北京工商大学学报（社会科学版）》2014年第1期69-75,共7页JOURNAL OF BEIJING TECHNOLOGY AND BUSINESS UNIVERSITY:SOCIAL SCIENCES

基　　金：国家自然科学基金青年项目"基于绩效评价导向的非正式网络与‘双元’创新行为的关系研究"(71302177);教育部人文社会科学研究青年基金项目"交互记忆系统与创新绩效"(12YJC630064);山东大学研究生自主创新项目(1012012033)

摘　　要：国企高管薪酬管制是国企薪酬制度的重点,影响着企业高管的行为和企业绩效。文章通过构建一个含有委托人"不平等厌恶"偏好的多任务"委托—代理"模型,从政府"不平等厌恶"偏好角度考察了薪酬管制的原因及其对企业绩效的影响。研究发现,政府对国企初次分配的"不平等厌恶"偏好导致了薪酬管制,而政府干预下的政治激励和高管身份的不确定性是薪酬管制实施的关键;薪酬管制降低了企业绩效,且实证检验支持国有企业绩效的"薪酬管制论"。因此,摈弃对国企高管的行政选拔是提高企业效率、推进薪酬改革的关键。Regulatory remuneration of CEOs is the key to remuneration system in the SOEs, which influences CEO＇s behav- iors and corporation efficiency. A multi-task principal-agent model is built based on principal＇s ＂inequity-aversion＂ preference to examine the reasons for regulatory remuneration and its effect on corporation efficiency from a perspective of government＇s ＂ineq- uity-aversion＂ preference. The research finds that the government＇s ＂inequity-aversion＂ preference during the initial distribution in the SOEs leads to regulatory remuneration, that the political incentive and the CEO identity uncertainty are the key to remuner- ation regulation, which further leads to under-performance. The empirical test speaks for ＂regulatory remuneration＂ in terms of efficiency in the SOEs. Therefore, the key to corporation efficiency and remuneration reform is to get rid of the government control over the CEO choice in the SOEs.

关 键 词：官员型高管 薪酬管制 “不平等厌恶”偏好 政治激励 

分 类 号：F276.1[经济管理—企业管理] F272.9[经济管理—国民经济]