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由于存在代理问题,高管对公司的长期外部投资可能存在过度或者不足的情况,这都属于非有效的长期外部投资。良好的高管薪酬是缓解代理问题的一个非常重要的手段。在中央对高管颁布一系列限薪令的大环境下,高管的货币薪酬激励是否会对长期外部投资的有效性产生影响。本文以2011~2013年的A股上市公司为样本对高管货币薪酬激励是否会对长期外部投资产生影响进行分析研究。
Due to the existence of agency problems, there may be over or under-long-term senior management’s long-term external investment in the company, which are all inefficient long-term external investments. Good executive compensation is a very important means to alleviate the agency problem. Under the central government’s enactment of a series of salary-limit orders to senior executives, whether executive compensation for monetary remuneration will have an impact on the effectiveness of long-term external investment. In this paper, we use the A-share listed companies from 2011 to 2013 as a sample to analyze whether the executive compensation incentive will affect the long-term external investment.