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周仁俊杨战兵李礼(430074)!本文从国有与非国有控股上市公司产权基础不同的视角,分别对管理层货币薪酬持股比例和在职消费与企业经营业绩的相关性进行比较研究研究结论显示:管理层货币薪酬与企业经营业绩呈正相关关系,其相关程度在非国有控股上市公司表现更为显著;管理层持股比例与企业经营业绩呈正相关关系,其相关程度在非国有控股上市公司表现更为显著;管理层在职消费程度与企业经营业绩呈负相关关系,其程度在国有控股上市公司表现更为明显本文证实了国有与非国有控股上市公司管理层货币薪酬持股比例在职消费程度对企业经营业绩影响的方向相同但程度存在差异,为我国上市公司完善激励机制提供了经验证据!管理层激励货币薪酬持股比例在职消费经营业绩,,,,,,;,∀;,,,,(,2005),,#∃,,,,(),,,69∀,,,TaussingsandBaker(1925),,JensenandMurphy(1990),HallandLiebman(1998)GiorgioandArman(2008),(2000)(2003),,,;,(2003)(2007),,,,(,2006),,(KatoandLong,2006)#∃,,,,,(,2007),,,,,,(,2006),,,,,11:,(),,,JensenandMeckling(1976)FraneisandSmith(1995)PaliaandLichtenberg(1999),,,#∃(Convergence-of-interests);FamaandJensen(1983),,,#∃(ManagementEntrenchment)Stulz(1988)MorchShleiferandVishny(1988)Shivdasani(1993),,,,#∃#∃,(,2000;,2000),,(,2006),#∃,,,,,,,22:,(),,,,70,,%,,,AlchianandDemsetz(1972)(2008),,,(,2003),(,2005),,(,2008),,??,,,,33:,(),20052009,,Wind,CCER,:(1),STPT;(2)A,BHA;(3),;(4),3061,2376,685()123,(OLS):POEi=0+1ACi+2MSRi+3NPCi+4SIZEi+5LEVERi+6DLDQi+7STATEi+&IND+&AREA+&YEAR+,#∃,#∃,POE,,,#∃#∃#∃POE,,,Q,Q,;,(),,#∃#∃#∃71%,,∋POE,POENPC,(2005),#∃,,,:,SIZE,LEVER,11POE=/AC()MSRNPC#∃/SIZELEVERDLDQ,0,1STATE,0,1IND(),12,,1,0AREA,7,1,0YEAR5,2005,1,0:,,22:,(AC)1095720,,,91%#∃,646%,123%100(MSR)00088,;0,#∃,581%#∃,459%,122%(NPC)066900,(SIZE)216163(LEVER)00328,08779,72∋#∃,20072008;#∃,;#∃,,,2(1)(N=3061)AC0517803675062251095720MSR000880000000456051340NPC0022200132003680669000000SIZE21616321534809171258100193326LEVER0491005094016690877900328(2):(N=2376)(N=685)tZAC05127036800535303650-00226-083470003005395MSR00009000000036200000-00353-188063***0000058381***NPC00200001240029900172-00099-62507***-0004879439:(1)Tt;Mann-WhitneyUZ;(2)******10%5%1%2(AC)05127,(AC)05353,,(AC),,(MSR)0000900000,(MSR)0036200000,,(MSR),,(NPC)0020000124,(NPC)0029900172,,(NPC),(NPC):,,3POEAC,,;POEMSR,,;POENPC,,3PearsonPOEACMSRNPCPOE1AC00920***1MSR00550***-00111NPC-00960***-003000033014(POE),AC0,,1;,AC,,1,73,,MSR0,;,MSR,,2,,,NPC0,;,NPC,NPC,,3,,,SIZE0,LEVER0,DLDQ0,4ttt-05740-118270***-05710-104280***-05340-49630***AC0095054950***0098050350***0100026260***MSR0059033060***00610323700***0117031090***NPC-00830-48320***-00950-49250***-00460-12340SIZE02640136050***02710125250***0223052890***LEVER-01070-57310***-01250-58540***-00350-08580DLDQ0009005420-00190-102000080021250**STATE0087047210***INDAREAYEARR2016000178001150F226140***207440***52380***30612376685,,,,,,0~1%99%~100%winsorize,,,,,,POE,,,:,,;,,;,,,:,#74∃,,,20052006()(),;,,,,,,,,,,;,,,,,,,,#∃#∃,,,,#∃,,,,,,,,,,,,,.2005..,2:92~101,.2006..,5:4~10.2000..,1:24~30,,.2008..,5:85~92,.2008..,9:139~148.2000..,3:32~64,.2004..2004,361~369.2006..,1:108~116,,.2003..,9:29~34Alchian,DemsetzH..1972.Production,InformationCosts,andEconomicOrganization.TheAmericanEconomicReview,62(5):777~795CanarellaG.,GasparyanA..2008.NewInsightsintoExecutiveCompensationandFirmPerformance:EvidencefromaPanelof#NewEconomy∃Firms,1996-2002.ManagerialFinance,34(8):537~554Fama,Jensen.1983.SeparationofOwnershipandContro.lJournalofLawandEconomics,26(2):301JensenM.C.,MurphyK.J..1990.PerformancePayandTop-ManagementIncentives.TheJournalofPoliticalEconomy,98(2):225~264JensenM.C.,MecklingW.H..1976.Theoryofthefirm:ManagerialBehavior,AgencyCostsandOwnershipStructure.JournalofFinancialEconomics,3(4):305~360KatoT.,LongC..2006.CEOTurnover,FirmPerformance,andEnterpriseReforminChina:EvidenceFromMicroData.JournalofComparativeEconomics,34(4):796~817PaliaD.,LichtenbergF..1999.ManagerialOwnershipandFirmPerformance:ARe-examinationUsingProductivityMeasurement.JournalofCorporateFinance,5(4):323~32975