在职消费经济效应的影响因素——基于高管异质性视角的研究  

A Study on the Factors of Perks' Economic Effect: Based on the Perspective of Executive's Heterogeneity

作　　者：陈怡秀[1] 孙世敏[1] 屠立鹤 CHEN Yi-xiu SUN Shi-min TU Li-he(School of Business Administration, Northeastern University, Shenyang, Liaoning, 110169, China)

机构地区：[1]东北大学工商管理学院,辽宁沈阳110169

出　　处：《经济管理》2017年第5期85-100,共16页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金项目"面向价值目标导引的企业战略决策方法研究"(71271048);教育部博士学科点专项基金(博导类)项目"长期报酬;非货币效用及动态基础薪酬的激励效应研究:基于相对价值创造视角"(20130042110032);教育部人文社会科学规划基金项目"在职消费经济性质;作用机理及经济后果研究"(16YJA630048)

摘　　要：目前,在职消费理论研究集中于"代理观"或"效率观"表现,对其经济效应影响因素研究涉猎极少,仅有的几篇文献多以高管同质为前提,忽略了异质性特征。依据高层梯队理论,高管职业生涯阶段、性别、学历以及两职兼任等异质特征可能影响高管的在职消费偏好与投向,从而对其经济效应产生调节作用。本文以我国上市公司2012—2014年报数据为研究对象,检验在职消费的经济效应及高管异质性对其产生的影响,发现如下三点结论:第一,中国企业在职消费整体上表现出明显的"效率观",对高管具有显著的补充激励作用;第二,不同职业生涯阶段在职消费的经济效应存在一定差异,中期与早期相比,在职消费的正向经济效应有所提升,晚期与非晚期相比,在职消费的正向经济效应减弱,但变化不明显;第三,学历和两职兼任对在职消费经济效应具有显著的正向调节效应,女性高管对其产生显著的负向影响,政府背景对其具有一定正向促进作用。Similar to the monetary compensation, perk is an important part of executive compensation contract, and the economic effect of perks has aroused widely concern of Chinese and Western scholars. At present, the theo- retical research on the perks＇ economic effect is focused on the economic consequence which mainly includes ＂a- gent view＂ and ＂efficiency view＂, but until now, no consensus has been reached. The formation mechanism of perks＇ economic effect may be complicated. What factors can affect the expression of the concept of ＂ agent view＂ and ＂efficiency view＂ has not been clear, and the research is still weak. The economic effect of perks is not abso- lute, which is affected by many factors, such as internal governance, external supervision and the individual char- acteristics of executives. When perks are used to improve the efficiency of management or access to social re- sources, it may be expressed as ＂efficiency view＂ ; On the contrary, when perks are mainly used for personal en- joyment, it may shows ＂agent view＂. So far, only a few factors related study was found based on executives＇ hom- ogeneity, but the heterogeneity of executives was ignored. Based on echelons theory, executive characteristics such as career period, gender, education level, government background and duality of CEO are possibly affect their pref- erence on how to use perks, which means those characteristics will have moderating effects on perks＇ economic effect. It can be inferred from the theory that the thinking mode and behavior decision of executives should be dif- ferent because of individual characteristics, which may affect the economic composition and efficiency of perks, and shows moderating effect on perks＇ economic effect. The efficiency of using perks will be effectively improved when executives have strong self-discipline and high perceptibility, and thus the positive economic effect of perks is obvi- ous; On the contrary, when the executive＇s cognitive ability and values sense have m

关 键 词：在职消费 经济效应 高管异质性 职业生涯阶段 背景特征 

分 类 号：C93[经济管理—管理学]