国有企业中的薪酬管制与在职消费

∗2004332080GroveHong∗701720081McMillanNaughton1995Qian199520012003119861-3198819921l22—320005—153—5220018910241242741019102120011199912404751311200321998-20000.6103-52003234199920025121199920023410200353219992002BerleMeans1932shirking4JensenMeckling1976AlchianDemsetz(1972)JensenMeckling1976AlchianDemsetz(1972)620021998“”20036200120022000200020022003CEO51219992002CSMAR1119992000200120021772534124671309932108411361183433518.9923.3436.2739.4830.20120022PERKAPAYRPAYMSHARELEVERAGEPROTECTED107STATE108RENT7Aharony(2000)86SIZEMRATIODEVELOPED10291033(n=214)a(n=1095)bT(a-b0)20049010713.1813.22-0.5310.6910.601.45-0.003-0.0008-5.651.09-0.203.503.992.503.6815.3615.45-1.0612.4412.46-0.24-0.020.02-0.420.00040.0012-1.86******1051311?LEVERAGEMSHARESTATERPAYRPAYAPAYPERK543210αααααα++∗+++=εααααα++++++DEVELOPEDMRATIOSIZERENTPROTECTED10987644199920021211128TTTINTERCEPT-0.08-1.150.191.34-0.12-1.48APAY0.26***8.700.28***4.230.24***7.57RPAY-0.03-1.09-0.04-1.58-0.12***-3.54RPAYSTATE-0.02**-2.03MSHARE-0.02-0.92-0.02-0.27-0.02-0.85LEVERAGE0.07***3.330.071.470.07***3.04PROTECTED-0.16**-2.41-0.05-0.24-0.15**-2.14RENT0.09***3.580.11**2.580.08***2.66SIZE0.38***13.930.42***7.070.38***12.20MRATIO-0.07**-3.12-0.02-0.47-0.10***-3.50DEVELOPED0.10**2.100.000.020.12**2.09n13092141095Adj.R20.330.420.30415JensenMeckling19764231313914jjfYRETURN++++++=LEVERAGEMSHAREPERKRPAYAPAYYRETURN543210ααααααεαααα++++DEVELOPEDMRATIOSIZEPROTECTED987651231511654567894714130937515162310519992002(1)(2)(3)(4)(5)(6)(7)(8)(9)INTERCEPT-0.06-0.60-0.09-0.56-0.07-0.46-0.02-0.07-0.05-0.210.090.41-0.05-0.54-0.05-0.47-0.05-0.55APAY-0.04-0.92-0.06-1.43-0.14-1.45-0.18*-1.86-0.02-0.45-0.04-0.86RPAY0.07**2.450.80***2.640.09**2.080.10**2.370.051.210.061.39PERK-0.07*-1.91-0.08**-2.27-0.14-1.37-0.20-1.58-0.06*-1.70-0.07*-1.83MSHARE0.030.790.030.770.041.160.070.900.050.650.111.470.020.530.020.560.020.62LEVERAGE-0.07**-2.02-0.07**-2.17-0.05*-1.79-0.04-0.50-0.05-0.60-0.03-0.34-0.07*-1.94-0.08**-2.07-0.07*-1.81PROTECTED-0.002-0.030.030.110.020.020.351.360.361.390.321.22-0.02-0.28-0.01-0.18-0.02-0.23SIZE0.11***2.950.02**2.440.04***2.690.21**2.280.16*1.890.19**2.040.10**2.330.07*1.890.09**2.23MRATIO0.020.420.0050.570.010.150.060.920.060.950.040.680.0010.010.010.18-0.01-0.14DEVELOPED0.071.050.100.940.090.88-0.07-0.44-0.06-0.41-0.09-0.600.091.250.081.150.081.17n17122312231223205205205101810181018Adj.R20.01120.00470.00420.02150.01700.00390.00410.00230.0046T111718196219711920022003201231.200392.200353.2002114.200425.20039126.2003——18568919ShleiferVishny19982020022003127.200158.2003CEO39.20011990200010.19625199911.19711199912.2000313.2002()414.1998515.2003216.2002————17.200142218.2003119.AharonyA.,Lee,C.W.J,andWong,T.J.,2000,“FinancialPackagingofIPOFirmsinChina”JournalofAccountingResearch,38(1),103-126.20.Alchian,A.,andDemsetz,H.,1972,“Production,InformationCostsandEconomicOrganization”,AmericanEconomicReview,December,780-781.21.Berle,A.,andMeans,G.C.,1932,“TheModernCorporationandPrivateProperty”,Harvourt,BraceandWorldInc.,NewYork,revisededition1967.22.Groves,T.,Hong,Y.M.,McMillan,J.,andNaughton,B.,1995,“China’sEvolvingMangerialLaborMarket”,TheJournalofPoliticalEconomy,103,873-892.23.Jensen,M.C.,andMeckling,W.H.,1976,“TheoryoftheFirm:ManagerialBehavior,AgencyCostsandOwnershipStructure”,JournalofFinancialEconomics,3305-36024.Qian,Y.Y.,1995,“ReformingCorporateGovernanceandFinanceinChina,”inMasahikoAokiandHyung-KiKimeds.,CorporateGovernanceinTransitionalEconomies(WashingtonDC:WorldBank,1995).25.Shleifer,A.,andVishny,R.,1998,“Thegrabbinghand:governmentpathologiesandtheircures”,Cambridge,MA:HarvardUniversityPress.RegulationandNon-pecuniaryCompensationinChineseSOEsChenDonghua,ChenXinyuan&WanHualinInstituteofAccountingandFinance,ShanghaiUniversityofFinanceandEconomics13Abstract:BasedonthespecialinstitutionalsettingsthatthereexiststheregulationonmanagerialcompensationinchineseSOEs,weexaminethedeterminantsofnon-pecuniarycompensationandtheeconomicconsequencesofregulationoncompensation.Theempiricalevidencesshowthatnon-pecuniarycompensationisinfluencedbyfirmrents,absolutepayandfirmsize.DuetoregulationoncashcompensationinSOEs,non-pecuniarycompensationisanalternativechoiceformanagers.And,theregulatedcompensationcontractlacksofeconomicefficiency.KeyWord:Regulation,Non-PecuniaryCompensation,SOEs11975/21964/[e-mail]/[e-mail].14