不同继任模式下CEO任期对薪酬结构的影响研究——来自管理层权力、组合、学习和职业生涯效应的解释  

Research on the Effect of CEO Tenure on Compensation Structure under Different Succession Models: An Explanation from Management Power Treatment, Portfolio Selection Treatment, Learning Treatment and Career Treatment

作　　者：张行[1] 常崇江 Zhang Xing;Chang Chongjiang(School of Public Management,Zhongnan University of Economics and Law)

机构地区：[1]中南财经政法大学公共管理学院

出　　处：《南开管理评论》2019年第6期188-199,共12页Nankai Business Review

基　　金：湖北省科技计划软科学项目(2018A D C161);中央高校基本科研业务费项目(31541711005);湖北省高等学校优秀中青年科技创新计划项目(T201722)资助

摘　　要：CEO薪酬结构设计被认为是企业高管薪酬激励的难点和重点,已有相当多的学者对此进行了研究,本文分别界定和应用管理层权力、组合、学习和职业生涯等四大效应,分析不同继任模式下CEO任期对CEO薪酬结构的影响。基于2003-2014年上市公司年报数据,进行了两方面的实证研究:一是检验和探讨了管理层权力、组合、学习和职业生涯四种效应下任期对CEO薪酬结构变动的影响;二是检验了内外两种继任模式下CEO股权薪酬比重的变化过程中四大效应的表现。研究发现,四大效应在任期对CEO薪酬结构作用过程中的影响有差异,其中,管理层权力效应的影响最大,组合和学习效应次之,而职业生涯效应的影响并不明显;内部继任模式下,组合和学习效应在任期对CEO薪酬结构影响过程中的表现较为明显;外部继任模式下,管理层权力和职业生涯效应的表现更为明显;薪酬-绩效敏感性在CEO任期之初对薪酬结构的影响较大,即意味着高股权薪酬比重,但随任期增长而减弱,在接近退休时现金比重达到最大。因此,本文建议董事会在CEO薪酬结构设计环节综合考虑三个要素,即CEO继任模式、CEO任期和继任CEO股权薪酬比重,以实现CEO薪酬结构最优和企业绩效最大化的双重目标。CEO is the core talent of an enterprise, and its selection and incentive is the core link of the enterprise’s high-quality development. When the current CEO leaves for some reason, the choice of CEO succession mode and CEO compensation incentive after succession become the top priority. In general, enterprises tend to use long-term incentives to motivate CEO’s long-term behavior and high performance behavior. However, due to different sources, longterm incentive means also need to reflect differences, so scientific design of the proportion of equity incentive is a technical work for succeeding CEOs. The structure design of CEO salary is considered to be a difficult and key thing for enterprise executives’ incentive, and many scholars have already paid close attention to it. In this paper, we starting from the theory, and we put forward and define the internal influence mechanism about the changes of CEO salary structure, there are namely managerial power treatment, Portfolio Selection treatment, learning treatment and career treatment. Base on the panel data of A-share 2002-2014 years of listed company, the article has conducted the empirical research on the two aspects, one part examined and investigated under the management power, portfolio, learning, and career four utility, how the tenure affect the changes of the structure of CEO compensation;In the second part, we using a Tobit model to test change of treatment of the CEO equity compensation proportion under the internal and external succession model because of "the four treatment". The study found that: 1) the four major treatment which affect between the tenure and compensation structure are different, the management of power treatment is biggest, and the combination and learning treatment are behind it, and the occupation career treatment is not obvious;2) under the internal succession mode, "combination" and "learning" treatment in the process of the tenure affecting compensation structure is obvious;the external succession mode, "management power

关 键 词：继任模式 CEO任期 薪酬结构 管理效应 TOBIT模型 

分 类 号：F27[经济管理—企业管理]