公司掉队与相对业绩评价使用  

Falling Behind and Relative Performance Evaluation

作　　者：滕蕙阳 陈冬华[1] Teng Huiyang;Chen Donghua(School of Business,Nanjing University)

机构地区：[1]南京大学商学院

出　　处：《南开管理评论》2024年第1期75-86,I0013,I0014,共14页Nankai Business Review

基　　金：国家社会科学基金重大项目(23&ZD060);国家自然科学基金项目(72272076);教育部创新团队发展计划滚动支持项目(IRT_17R52)资助。

摘　　要：掉队意味着公司在行业内的相对位置发生明显下滑,这既非时有发生的业绩下降,也非积重难返的公司危机。然而,公司在掉队情境下应如何应对以重新焕发竞争活力,在以往研究中较少被关注。本文以2005-2018年中国A股主板市场发生掉队的公司为样本,考察公司掉队前后相对业绩评价机制(RPE)的使用变化,发现公司在掉队后比掉队前更可能使用RPE。机制检验显示,掉队能够引发公司所有者的危机意识和变革动机,继而带来高管激励方案的调整;RPE能够以较低成本相对准确客观地提供监督所需信息,调动高管工作热情,满足所有者的监督和激励需求,因而在掉队后会比掉队前得到更多使用。结合公司未来经营结果发现,这一现象在未来成功摆脱掉队的公司中更为显著。本文对掉队情境下的RPE使用变化予以考察,对公司经营实践具有现实性启发。Falling behind means that the company’s relative position within the industry has significantly declined.It is neither the performance decline on occasion nor a corporate crisis that is difficult to shake off.In contrast to performance decline,which describes a reduction in a company’s current performance compared to its historical levels,falling behind emphasizes the obvious gap between a company’s performance and that of its competitors over the same period.In contrast to corporate crisis,falling behind does not jeopardize the future survival of the company.When a company falls behind,it still has the ability and incentive to get rid of its lagging position.However,once in crisis,even if a company intends to change,it may not be able to do so due to its limited resources and capabilities.As competition in the industry becomes fiercer and fiercer,the phenomenon of falling behind has gained increasing attention from market participants in real-world business practices.Nevertheless,compared to performance decline and corporate crisis,the existing studies have not yet adequately explored the status of falling behind and the possible measures to cope with it.Considering that executives are the key personnel in charge of corporate management practices,their ability and efforts will significantly affect whether the company can recover from falling behind in the future.Thus,for a company that falls behind,whether it can draw up a reasonable and effective incentive scheme will affect the motivation and working efficiency of the executives,which in turn has an important impact on the company’s likelihood of recovering from falling behind.Based on the above,this paper attempts to use relative performance evaluation(RPE)as a possible response measure to observe the company’s executive incentive scheme changes before and after the fall.Using the data of the companies falling behind on the Chinese A-share main board from 2005 to 2018,this paper finds that RPE is more likely to be used after the fall than before it.

关 键 词：相对业绩评价 公司掉队 高管激励 公司治理 

分 类 号：F27[经济管理—企业管理]