政府控制、经理薪酬与资本投资

3:,,,20002004,,,,,,:3,,:400044,:[e-mail];,,:510275,(:7300503),,,(Ross,1973;HolmstrongandWeiss,1985),(Jensen,1986,1993),,,,(JensenandMeckling,1976;JensenandMurphy,1990),,,,(2000)(2000),,,(2003)(2003),,,,,,Firth(2006),,,,(2005),,,,,:(1),,,,,011:,(2),(,RyanandWiggins,2002;AggarwalandSamwick,2006;Kang,2006),,R&D,Richardson(2006),20002004,,,,,,,,,Firth(2006)(2006),,,,,,:,,;,,,,,()ModiglianiMiller(1958),,,,,,,(Stein,2003),(BertrandandMullainathan,2003;AggarwalandSamwick,2006),,,,,,,,,,Jensen(1986,1993)Jensen,,,11120078,Ross(1973)HolmstrongandWeiss(1985),,(JensenandMeckling,1976;SmithandWatts,1992),,:,;,,,,?,,;,,,,,,(,)(JensenandMeckling,1976;Murphy,1999)()1.1978,1997,,,:(1),,,(,2005),;(2),2000,,,,,,,,(,2004),(ROAROE),,,,,,,,,,211:CEO,,,,,CEO,Murphy(1999),Yueh(2004),,,,,,,;,,,,,,,,2006,,2.:,,:(1),;(2),(ROA),(RET)(Firth,2006);(3),(,2005),,,,,,,:,?,;,,?,,,,,,,(Qian,1998;Zhang,1998),,,,,,,,,,,,,,(Xu,2004),,,,(Xu,2004;,2002),,,,,,,,,(Xu,2004;31120078,,,,,,2006117(),2005)(Tenev,2002),,,,,,,,,,,,,:(1),?,?(2),?,Richardson(2006),,,()(0)(0),,,()Richardson(2006),,,Richardson(2006)Verdi(2006)Richardson(2006):INVt=a0+a1Growtht-1+a2Levt-1+a3Casht-1+a4Aget-1+a5Sizet-1+a6RETt-1+a7INVt-1+Industry+Year+(1)(1):INVtt;Growtht-1,,,t-1Tobin-Qt-1;Levt-1,Casht-1,Aget-1,Sizet-1,RETt-1,INVt-1t-1t-1(Fazzari,1988;Barro,1990;Bates,2005;Lamont,2000),Levt-1Aget-1,Casht-1,Sizet-1,RETt-1,INVt-1,IndustryYear,A20002004(1),t,,t,t0,,OverINV;0,,UnderINV,,OverINVUnderINV,1(),Ln(TPay)411:,Tpay,1INVttPGrowtht-1t-1Tobin-Qt-1,Tobin-Q=(++)PLevt-1t-1Casht-1t-1Aget-1t-1Sizet-1t-1RETt-1t-15tLn(TPay)ttPEFtt,tROA,,ROAIAttOverINVtt,(1)0underINVtt,(1)0UEPay-RETt(2),,RETUEPay-ROAt(2),,ROAFCFtttt,t(1)ADMttORECTAttZone,Zone1,Zone2Industry,(,),20Year,,4,,,,,,,(UEPay)Firth(2006),:Ln(TPay)t=b0+b1Sizet+b2PEFt+b3IAt+b4Zone1+b5Zone2+Industry+Year+(2)(2):Ln(TPay)tt;Sizett;PEFtt,RETROA,IAtt,(2005),51120078;Zone,,Zone1,Zone2,,(2)20002004,(2),,,,,,UEPay(2),,RET,UEPay-RET;ROA,UEPay-ROA,,UEPay,,,()(),:OverINVt(orUnderINVt)=c0+c1PAYt+Controli+Industry+Year+(3),OverINVUnderINV,,PAY,,Ln(TPay)UEPay-RETUEPay-ROAPAYControl,Richardson(2006)Ang(2000)(2005),(FCF)(ADM)(ORECTA),()20002004A;;,,,01%99%100%winsorize(2006),,,(SAMB)(SOECG)(SOELG)(PRIVATE),,,,CSMAR()611:(2006),(2),,,,,(2),,(2003)2,,Tobin-Q,Tobin-Q,,,Growth(24),Tobin-Q,,,Tobin-Q,,NPV0,Tobin-Q,23,3,,,,,UEPay-RETUEPay-ROA2GrowthTobin-QGrowthIntercept?-010734(-1134)-010376(-0185)Growtht-1+010026(0158)01008633(2123)Levt-1--010555333(-4187)-010578333(-5109)Casht-1+011383333(7194)011365333(7176)Aget-1--010042333(-5171)-010040333(-5156)Sizet-1+01006233(2157)01004833(2128)RETt-1+010363333(6125)010351333(6102)INVt-1+011293333(7147)011281333(7119)N47144795Adj-R20111201113:t(INV);,T,White;3333330101010501103:PEFRETPEFROAIntercept?314492333(4191)314687333(5109)Sizet-1+013841333(12167)013832333(12180)PEFt+01265433(2111)01732933(2126)IAt--0170133(-1165)-0167943(-1163)Zone1+012891333(4166)012623333(4120)Zone2?-010819(-1105)-010756(-0197)N855881Adj-R20133701324:Ln(TPay);,T,White;333333010101050110()4A,(TPay),,,711200784A:SAMBSOECGSOELGPRIVATE()()()()()()()()()()TPay()4110(3010)3619(594)5116(4011)4812(711)4111(2818)5612(2272)5413(3115)21215(993)4614(3210)10719(4740)UEPay-RET-01122(-01043)01796(558)-01093(-01021)01713(632)-01257(-01229)01789(2155)01000(-01015)01659(855)-01149(-01115)01759(4404)UEPay-ROA-01133(-01048)01780(549)-01070(01011)01718(661)-01245(-01226)01775(2118)01000(-01001)01667(881)-01139(-01102)01751(4420)INV01052(01032)01117(693)01058(01034)01115(812)01062(01039)01115(2635)01053(01039)01141(1022)01057(01036)01121(5440)OverINV01087(01052)01091(264)01090(01050)01101(269)01088(01059)01087(988)01105(01075)01099(412)01091(01059)01093(2039)UnderINV01066(01050)01062(363)01063(01051)01052(417)01065(01053)01055(1374)01077(01053)01076(471)01067(01052)01061(2756)B:Ln(TPay)UEPay-RETUEPay-ROAINVOverINVUnderINVLn(Tpay)11000017563330177333301095333-0106333-01093333UEPay-RET01746333110000199333301007-01066333-01009UEPay-ROA01766333019933331100001008-01067333-01005INV01106333010343301032331100001923333-01824333OverINV-01073333-0105433-01057330186133311000-UnderINV-01101333-0104533-010403-01644333-11000:SAMB;SOECG;SOELG;PRIVATE;Bpearson,spearman,,21215,46,,,UEPay-RETUEPay-ROA,,,,4B,Ln(Tpay)UEPay-RETUEPay-ROA(OverINV),,,,Ln(Tpay)UnderINVUEPay-RETUEPay-ROAUnderINVspearman,pearson,,():5,,811:Ln(Tpay)UEPay-RETUEPay-ROA,5:PAY=Ln(Tpay)PAY=UEPay-RETPAY=UEPay-ROA(1)(2)(3)(4)(5)(6)Intercept011949333(4189)011888333(4156)011280333(6109)011314333(6100)011290333(6114)011325333(6106)PAY-01006533(-2118)-0100543(-1170)-0100543(-1169)PAY-SAMB-010046(-1158)-0100723(-1183)-0100723(-1184)PAY-SOECG-01006333(-2100)-010052(-0144)-010054(-0155)PAY-SOELG-01005933(-1199)-01012333(-2113)-0101483(-1185)PAY-PRIVATE-010040(-1129)010011(0128)010014(0136)FCF010730333(2158)01059933(2102)01070333(2152)01063733(2124)010717333(2157)01065633(2130)ADM01033033(2107)01029933(2103)01035333(2124)0102703(1170)0102643(1173)01035033(2122)ORECTA-011200333(-3121)-011141333(-2178)-01