1、1本科毕业论文外文翻译外文文献译文标题高层管理人员薪酬激励与公司绩效（节选）资料来源WWW点GOOGLE点COM点HK/SEARCHQPERFORMANCEPAYANDTOPMANAGEMENTINCENTIVESINDEED,SHAREHOLDERSDONTOFTENKNOWWHATACTIONSTHECEOCANTAKEORWHICHOFTHESEACTIONSWILLINCREASESHAREHOLDERWEALTHINTHESESITUATIONS,AGENCYTHEORYPREDICTSTHATCOMPENSATIONPOLICYWILLBEDESIGNEDTOGIVETHEMANA
2、GERINCENTIVESTOSELECTANDIMPLEMENTACTIONSTHATINCREASESHAREHOLDERWEALTHSHAREHOLDERSWANTCEOSTOTAKEPARTICULARACTIONSEG,DECIDINGWHICHISSUETOWORKON,WHICHPROJECTTOPURSUE,ANDWHICHTODROPWHENEVERTHEEXPECTEDRETURNONTHEACTIONEXCEEDSTHEEXPECTEDCOSTSBUTTHECEOCOMPARESONLYHISPRIVATEGAINANDCOSTFROMPURSUINGAPARTICULA
3、RACTIVITYABSTRACTINGFROMTHEEFFECTS5OFCEORISKAVERSION,COMPENSATIONPOLICYTHATTIESTHECEOSWELFARETOSHAREHOLDERWEALTHHELPSALIGNTHEPRIVATEANDSOCIALCOSTSANDBENEFITSOFALTERNATIVEACTIONSANDTHUSPROVIDESINCENTIVESFORCEOSTOTAKEAPPROPRIATEACTIONSSHAREHOLDERWEALTHISAFFECTEDBYMANYFACTORSINADDITIONTOTHECEO,INCLUDIN
4、GACTIONSOFOTHEREXECUTIVESANDEMPLOYEES,DEMANDANDSUPPLYCONDITIONS,ANDPUBLICPOLICYITISAPPROPRIATE,HOWEVER,TOPAYCEOSONTHEBASISOFSHAREHOLDERWEALTHSINCETHATISTHEOBJECTIVEOFSHAREHOLDERSTHEREAREMANYMECHANISMSTHROUGHWHICHCOMPENSATIONPOLICYCANPROVIDEVALUEINCREASINGINCENTIVES,INCLUDINGPERFORMANCEBASEDBONUSESAN
5、DSALARYREVISIONS,STOCKOPTIONS,ANDPERFORMANCEBASEDDISMISSALDECISIONSTHEPURPOSEOFTHISPAPERISTOESTIMATETHEMAGNITUDEOFTHEINCENTIVESPROVIDEDBYEACHOFTHESEMECHANISMSOURESTIMATESIMPLYTHATEACH1,000CHANGEINSHAREHOLDERWEALTHCORRESPONDSTOANAVERAGEINCREASEINTHISYEARSANDNEXTYEARSSALARYANDBONUSOFABOUTTWOCENTSWEALS
6、OESTIMATETHECEOWEALTHCONSEQUENCESASSOCIATEDWITHSALARYREVISIONS,OUTSTANDINGSTOCKOPTIONS,ANDPERFORMANCERELATEDDISMISSALSOURUPPERBOUNDESTIMATEOFTHETOTALCHANGEINTHECEOSWEALTHFROMTHESESOURCESTHATAREUNDERDIRECTCONTROLOFTHEBOARDOFDIRECTORSISABOUT75PER1,000CHANGEINSHAREHOLDERWEALTHSTOCKOWNERSHIPISANOTHERWAY
7、ANEXECUTIVESWEALTHVARIESWITHTHEVALUEOFTHEFIRMCEOSINOURSAMPLEHOLDAMEDIANOFABOUT25OFTHEIRFIRMSCOMMONSTOCK,INCLUDINGEXERCISABLESTOCKOPTIONSANDSHARESHELDBYFAMILYMEMBERSORCONNECTEDTRUSTSTHUS,THEVALUEOFTHESTOCKOWNEDBYTHEMEDIANCEOCHANGESBY250WHENEVERTHEVALUEOFTHEFIRMCHANGESBY1,000THEREFORE,OURFINALALLINCLU
8、SIVEESTIMATEOFTHEPAYPERFORMANCESENSITIVITYINCLUDINGCOMPENSATION,DISMISSAL,ANDSTOCKHOLDINGSISABOUT325PER1,000CHANGEINSHAREHOLDERWEALTHCEOSINLARGEFIRMSTENDTOOWNLESSSTOCKANDHAVELESSCOMPENSATIONBASEDINCENTIVESTHANCEOSINSMALLERFIRMSINPARTICULAR,OURALLINCLUSIVEESTIMATEOFTHEPAYPERFORMANCESENSITIVITYFORCEOS
9、INFIRMSINTHETOPHALFOFOURSAMPLERANKEDBYMARKETVALUEIS185PER1,000,COMPAREDTO805PER1,000FORCEOSINFIRMSINTHEBOTTOMHALFOFOURSAMPLEWEBELIEVEOURRESULTSAREINCONSISTENTWITHTHEIMPLICATIONSOFFORMALAGENCYMODELSOFOPTIMALCONTRACTINGTHEEMPIRICALRELATIONBETWEENTHEPAYOFTOPLEVELEXECUTIVESANDFIRMPERFORMANCE,WHILEPOSITI
10、VEANDSTATISTICALLYSIGNIFICANT,ISSMALLFORANOCCUPATIONWHEREINCENTIVEPAYISEXPECTEDTOPLAYANIMPORTANTROLEIN6ADDITION,OURESTIMATESSUGGESTTHATDISMISSALSARENOTANIMPORTANTSOURCEOFMANAGERIALINCENTIVESSINCETHEINCREASESINDISMISSALPROBABILITYDUETOPOORPERFORMANCEANDTHEPENALTIESASSOCIATEDWITHDISMISSALAREBOTHSMALLE
11、XECUTIVEINSIDESTOCKOWNERSHIPCANPROVIDEINCENTIVES,BUTTHESEHOLDINGSARENOTGENERALLYCONTROLLEDBYTHECORPORATEBOARD,ANDTHEMAJORITYOFTOPEXECUTIVESHAVESMALLPERSONALSTOCKHOLDINGSOURRESULTSARECONSISTENTWITHSEVERALALTERNATIVEHYPOTHESESCEOSMAYBEUNIMPORTANTINPUTSINTHEPRODUCTIONPROCESS,FOREXAMPLE,ORCEOACTIONSMAYB
12、EEASILYMONITOREDANDEVALUATEDBYCORPORATEBOARDSWEOFFERANADDITIONALHYPOTHESISRELATINGTOTHEROLEOFPOLITICALFORCESINTHECONTRACTINGPROCESSWHICHIMPLICITLYREGULATEEXECUTIVECOMPENSATIONBYCONSTRAININGTHETYPEOFCONTRACTSTHATCANBEWRITTENBETWEENMANAGEMENTANDSHAREHOLDERSTHESEPOLITICALFORCES,OPERATINGINBOTHTHEPOLITI
13、CALSECTORANDWITHINORGANIZATIONS,APPEARTOBEIMPORTANTBUTAREDIFFICULTTODOCUMENTBECAUSETHEYOPERATEININFORMALANDINDIRECTWAYSPUBLICDISAPPROVALOFHIGHREWARDSSEEMSTOHAVETRUNCATEDTHEUPPERTAILOFTHEEARNINGSDISTRIBUTIONOFCORPORATEEXECUTIVESEQUILIBRIUMINTHEMANAGERIALLABORMARKETTHENPROHIBITSLARGEPENALTIESFORPOORPE
14、RFORMANCEANDASARESULTTHEDEPENDENCEOFPAYONPERFORMANCEISDECREASEDOURFINDINGSTHATTHEPAYPERFORMANCERELATION,THERAWVARIABILITYOFPAYCHANGES,ANDINFLATIONADJUSTEDPAYLEVELSHAVEDECLINEDSUBSTANTIALLYSINCETHE1930SARECONSISTENTWITHSUCHIMPLICITREGULATION1ESTIMATESOFTHEPAYPERFORMANCESENSITIVITYWEDEFINETHEPAYPERFOR
15、MANCESENSITIVITY,B,ASTHEDOLLARCHANGEINTHECEOSWEALTHASSOCIATEDWITHADOLLARCHANGEINTHEWEALTHOFSHAREHOLDERSWEINTERPRETHIGHERBSASINDICATINGACLOSERALIGNMENTOFINTERESTSBETWEENTHECEOANDHISSHAREHOLDERSSUPPOSE,FOREXAMPLE,THATACEOISCONSIDERINGANONPRODUCTIVEBUTCOSTLY“PETPROJECT“WHICHHEVALUESAT100,000BUTWHICHWIL
16、LDIMINISHTHEVALUEOFHISFIRMSEQUITYBY10MILLIONTHECEOWILLAVOIDTHISPROJECTIFHISPAYPERFORMANCESENSITIVITYEXCEEDSB01THROUGHSOMECOMBINATIONOFINCENTIVECOMPENSATION,OPTIONS,STOCKOWNERSHIP,AND/ORPROBABILITYOFBEINGFIREDFORTHEPOORSTOCKPRICEPERFORMANCE,BUTWILLADOPTTHEPROJECTIFB01INCENTIVESGENERATEDBYCASHCOMPENSA
17、TIONTHEPAYPERFORMANCESENSITIVITYISESTIMATEDBYFOLLOWINGALL2,213CEOSLISTEDINTHEEXECUTIVECOMPENSATIONSURVEYSPUBLISHEDINFORBESFROM19741986THESESURVEYSINCLUDEEXECUTIVESSERVINGIN1,295CORPORATIONS,FORA7TOTALOF10,400CEOYEARSOFDATAWEMATCHTHESECOMPENSATIONDATATOFISCALYEARCORPORATEPERFORMANCEDATAOBTAINEDFROMTH
18、ECOMPUSTATANDCRSPDATAFILESAFTERELIMINATINGOBSERVATIONSWITHMISSINGDATA,THEFINALSAMPLECONTAINS7,750YEARLY“FIRSTDIFFERENCES“INCOMPENSATIONANDINCLUDES1,688EXECUTIVESFROM1,049CORPORATIONSFISCALYEARSTOCKRETURNSAREUNAVAILABLEFOR219OFTHE7,750OBSERVATIONSCALENDARYEARRETURNSAREUSEDINTHESECASESDELETINGTHESE219OBSERVATIONSDOESNOTAFFECTTHERESULTSALLMONETARYVARIABLESAREADJUSTEDFORINFLATIONUSINGTHECONSUMERPRICEINDEXFORTHECLOSINGMONTHOFTHEFISCALYEARANDREPRESENTTHOUSANDSOF1986CONSTANTDOLLARS
