薪酬激励与管理者过度自信——基于薪酬行为观的研究
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财经研究 2012 年 第 38 卷第 09 期, 页码：49 - 59
摘要
参考文献
摘要
行为是制度与绩效的中介,由于忽视了薪酬对参与者心理和行为的影响,传统代理理论框架下薪酬合约的激励效果是不明确的。文章实证检验了薪酬激励对管理者自信程度的作用。研究发现,薪酬(无论薪酬水平还是薪酬差距)是管理者自信程度的重要影响因素。与非国有上市公司相比,在国有上市公司中薪酬激励对管理者自信程度的正向促进作用更为显著;公司所在地市场化进程较高时,薪酬激励对管理者自信程度也具有更为显著的正向促进作用。
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②2011上市公司高管薪酬走了“牛市”,金融界,2012-5-30,http://finance.jrj.com.cn/..2012/05/30123513314810.shtml。
[2]杜兴强,王丽华.高层管理当局薪酬与上市公司业绩的相关性实证研究[J].会计研究,2007,(1):58-65.
[3]樊纲,王小鲁,朱恒鹏.中国市场化指数——各地区市场化相对进程2009年报告[M].北京:经济科学出版社,2010.
[4]方军雄.我国上市公司高管的薪酬存在粘性吗?[J].经济研究,2009,(3):110-124.
[5]姜付秀,张敏,陆正飞,等.管理者过度自信、企业扩张与企业财务困境[J].经济研究,2009,(1):131-143.
[6]魏刚.高级管理层激励与上市公司经营绩效[J].经济研究,2000,(3):32-41.
[7]文芳.管理者信心与公司治理的有效性——基于我国上市公司管理者变更的经验证据[J].财经研究,2011,(1):38-47.
[8]饶育蕾,贾文静.影响CEO过度自信的因素分析——来自我国上市公司的经验证据[J].管理学报,2011,(8):1162-1167.
[9]叶蓓,袁建国.管理者信心、企业投资与企业价值:基于我国上市公司的经验证据[J].中国软科学,2008,(2):97-108.
[10]张征争,黄登仕.不同风险偏好的过度自信代理人薪酬合同设计[J].管理工程学报,2009,(2):104-110.
[11]Bebchuk L,Fried J.Pay without performance:The unfulfilled promise of executivecompensation[M].Cambridge:Harvard University Press,2004.
[12]Ben-David I,Graham J,Harvey C.Managerial overconfidence and corporate policies[R/OL].http://www.nber.org/papers/w13711,2007-12-30.
[13]Cowherd M,Levine I.Product quality and pay equity between lower-level employeesand top management:An investigation of distributive justice theory[J].AdministrativeScience Quarterly,1992,37:302-320.
[14]Doukas J,Petmezas D.Acquisitions,overconfident managers and self-attributionbias[J].European Financial Management,2007,13:531-577.
[15]Fama E,Jensen M.Agency problems and residual claims[J].Journal of Law and Eco-nomics,1983,26:327-349.
[16]Hayward M,Hambrick D.Explaining the premiums paid for large acquisitions:Evi-dence of CEO hubris[J].Administrative Science Quarterly,1997,42:103-127.
[17]Jensen M,Murphy K.Performance pay and top-management incentives[J].Journal ofPolitical Economy,1990,98:225-264.
[18]Jensen M,Meckling W.Theory of the firm:Managerial behavior,agency costs,andownership structure[J].Journal of Financial Economics,1976,(3):305-360.
[19]Keiber K.Managerial compensation contracts and overconfidence[R/OL].http://www.efmaefm.org/efma2005/papers/138-keiber_paper.pdf,2005-01-30.
[20]Langevoort D.Organized illusions:A behavioral theory of why corporations mislead..stock market investors[J].University of Pennsylvania Law Review,1997,146:101-172.
[21]Lazear P,Rosen S.Rank-order tournaments as optimum labor contracts[J].Journal ofPolitical Economy,1981,89:841-864.
[22]Malmendier U,Tate G.CEO overconfidence and corporate investment[J].The Journalof Finance,2005,60:2661-2770.
[23]Masson R.Executive motivations,earnings and consequent equity performance[J].Journal of Political Economy,1971,79(6):1278-1292.
[24]Paredes T.Too much pay,too much deference:Is CEO overconfidence the product ofcorporate governance?[R/OL].http://papers.ssrn.com/sol3/papers.cfm?abstract_id=587162,2004-09-05.
[25]Taussings W,Baker S.American corporations and their executives:A statistical in-quiry[J].Quarterly Journal of Economics,1925,40(1):1-51.
②2011上市公司高管薪酬走了“牛市”,金融界,2012-5-30,http://finance.jrj.com.cn/..2012/05/30123513314810.shtml。
引用本文
文芳, 汤四新. 薪酬激励与管理者过度自信——基于薪酬行为观的研究[J]. 财经研究, 2012, 38(9): 49–59.
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