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在职消费作为管理层货币薪酬契约不完备的补充,是否同管理层薪酬相同与公司业绩是否呈现非对称性特征,管理层权力是否会对这种非对称性产生影响?本文选取2007-2010年沪深两市上市公司为样本,实证研究管理层在职消费的特征以及管理层权力与在职消费粘性特征之间的关系。结果显示:我国上市公司管理层在职消费存在粘性特征,即业绩上升时,在职消费的边际增加量大于业绩下降时在职消费的边际减少量;在管理层权力较大的公司,其在职消费粘性越高。
On-the-job consumption as an incomplete complement of management’s monetary compensation contract, whether it is the same as the management’s compensation and whether the performance of the company shows asymmetric characteristics, whether management power will have an impact on this asymmetry? Shenzhen and Shenzhen listed companies as a sample empirical study of the management of the characteristics of on-the-job consumption and the relationship between management power and sticky features of in-service consumption. The results show that there is a sticky characteristic of on-the-job consumption of listed companies in our country, that is, when the performance increases, the marginal increase of on-the-job consumption is greater than the marginal decrease of on-the-job consumption when the performance declines; in the companies with larger management power, high.