经理薪酬激励风险效应与风险治理研究述评
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外国经济与管理 2012 年 第 34 卷第 05 期, 页码：67 - 74
摘要
参考文献
摘要
自2008年爆发国际金融危机以来,因薪酬激励不当而引发的与风险相关的代理问题(risk-related agency problem)及其治理,开始成为经理薪酬激励研究的新热点。本文在梳理相关文献的基础上,详细阐述了经理薪酬激励的风险效应和风险治理问题,以期为我国国企高管薪酬管理与规制提供借鉴与启示。
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[2]Bebchuk,L A and Fried J M.Paying for long-term perform-ance[J].University of Pennsylvania Law Review,2010,158(0),1915-1959.
[3]Bebchuk L A and Spamann.H Regulating bankers’pay[J].Georgetown Law Journal,2010,98(2):247-287.
[4]Belkhir M and Chazi A.Compensation Vega,deregulation,and risk-taking:Lessons from the US banking industry[J].Journal of Business Finance&Accounting,2010,37(10):1218-1247.
[5]Bolton P,et al.Executive compensation and risk taking[R].Federal Reserve Bank of New York Staff Reports,no.456,2010.
[6]Brian W N,et al.Enterprise risk management:Theory and practice[J].Journal of Applied Corporate Finance,2006,18(4):8-20.
[7]Carpenter J N.Does option compensation increase managerial risk appetite?[J].Journal of Finance,2000,55(5):2311-2331.
[8]Chen C R,et al.Does stock option-based executive compensa-tion induce risk-taking?An analysis of the banking industry[J].Journal of Banking&Finance,2006,30(3):915-945.
[9]Cheng,et al.Empirical evidence on the use of long-term per-formance plans[R].Working Paper,Hong Kong University of Science&Technology,2009.
[10]Coles J,et al..Managerial incentives and risk-taking[J].Journal of Financial Economics,2006,79(2):431-368.
[11]Core J and Guay W R.Estimating the value of employee stock option portfolios and their sensitivities to price and vol-atility[J].Journal of Accounting Research,2002,40(3):613-630.
[12]Core J E and Guay W R.Is there a case for regulating execu-tive pay in the financial services industry?[R].Working Pa-per,University of Pennsylvania,2010.
[13]Core J E and Guay W R.Is CEO pay too high and are incen-tives too low?A wealth-based contracting framework[J].A-cademy of Management Perspectives,2010,24(1):5-19.
[14]Devers C E,et al.Moving closer to the action:Examining compensation design effects on firm risk[J].Organization Science,2008,19(4):548-566.
[15]Devers C,et al.The effects of endowment and loss aversion in managerial stock option valuation[J].Academy of Mana-gement Journal2007,50(1):191-208.
[16]Dong,Z,et al.Do executive stock options induce excessive risk taking?[J].Journal of Banking&Finance,2010,34(6):2518-2529.
[17]Earle J E.The emerging role of clawback policies for mana-ging risk in compensation programs[J].Benefit Law Jour-nal,2010,23(1):72-79.
[18]Edmans,A and Liu Q.Inside debt[J].Review of Finance,2010,10(1):1-28.
[19]Ferrarini,G A and Ungureanu M C.Economics,politics and the international principles for sound compensation prac-tices:A view from Europe[J].Vanderbilt Law Review,2011,64(2):431-502.
[20]Fried J M and Shilon N.Excess-pay clawbacks[R].Working Paper,Harvard Law School,2011,http://ssrn.com/abstract=1798185.
[21]Guay W R.The sensitivity of CEO wealth to equity risk:An analysis of the magnitude and determinants[J].Journal of Financial Economics,1999,53(1):43-71.
[22]Jensen M C and Meckling W.Theory of the firm:Managerial behavior,agency costs,and ownership structure[J].Journal of Financial Economics,1976,3(4):305-360.
[23]John K,et al.A theory of bank regulation and management compensation[J].Review of Financial Studies,2000,13(1):95-125.
[24]Low,Angie.Managerial risk-taking behavior and equity-based compensation[J].Journal of Financial Economics2009,92(2):470-490.
[25]Murphy K J and Jensen M C.CEO bonus plans:How to fix them[R].Working Paper,University of Southern California,2011.
[26]Sanders W G and Hambrick D C.Swinging for the fences:The effects of CEO stock options on company risk taking and performance[J].Academy of Management Journal,2007,80(5):1055-1078.
[27]Sepe S M.Making sense of executive compensation[R].Working Paper,University of Arizona,2010,http://ssrn.com/abstract=1721131.
[28]Sundaram R and Yermack D.Pay me later:Inside debt and its role in managerial compensation[J].Journal of Finance,2007,62(6):1551-1588.
[29]黄再胜.企业激励目标理论的合约逻辑与基本要义[J].外国经济与管理,2007,(2):10-16.
[30]黄再胜,曹雷.经理薪酬规制研究新进展[J].经济学动态,2011,(8):122-126.
引用本文
黄再胜. 经理薪酬激励风险效应与风险治理研究述评[J]. 外国经济与管理, 2012, 34(5): 67–74.
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