上市银行高管薪酬与治理绩效的实证研究

20089No.9,2008ZHEJIANGSOCIALSCIENCES20089Sep.,2008,,,,,,2005;(215006),14A,2285,;3295002000,2007,,,,,,,(),,,Holmstrom(1982)(RelativePerformanceEvaluation),,,,Aggarw2alandSamwick(1999)19931996,,OLS,GarveyandMilbourn(2003),,,,,,71:,MaceyOHara(2003),,,,Levine(2004),,,,EvanoffWall(2002),,,,(2003),(2004),(2004),(2005),(2005)(2006),,,,,,,(),20042007A14,,31,,,712,,,3142wind,(ROA)(EPS),3(COM3)3(COS3),(LnTA),(CAR)(NPA),(FMS)(SCBC),D,1()2,1481200891ROAEPSCOM33COS33LnTACARNPAFMSSCBCD,D=1,D=0(COM3)3058,148,78818842,71612557(),7,GLS(ROA),:ROA=1COM3+2COS3+X+0D+_cons(1)ROA=1COM3+2COS3+X+0D+ii_IYear_i+_cons(2)ROA=(1+1D)COM3+(2+2D)COS3+X+0D+_cons(3)ROA=(1+1D)COM3+(2+2D)COS3+X+0D+ii_IYear_i+_cons(4),(5)(8)(EPS),33ROA,(1)(2);,(3)(4)(COM33DCOS33D),(2)(4)(2004,_IYear_200520062007),,CARNPA,0,(1)(4),,(1)(2)ROA,1%(3)(4)ROA(),(),7,,,,2VariableObsMeanStd.Dev.MinMaxROA313.1342326.431307-5.924426.5006EPS310.4625550.676215-0.263.7COM331788.8842716.25571483058LnTA3124.369123.22436320.4184829.64714CAR3110.955165.5326852.330.67NPA313.0116132.4646540.3611.41FMS3126.2254518.411465.9867.49SCBC316.6846099.326062141.31291:3ROA(1)(2)(3)(4)COM30.00350.00220.00310.0018(0.0000)(0.0000)(0.0000)(0.0000)COM33D..0.00630.0065..(0.0013)(0.0005)COS30.03880.03320.03970.0328(0.0000)(0.0000)(0.0000)(0.0000)COS33D..-0.0505-0.1107..(0.6016)(0.3807)LnTA0.57630.58540.61100.6005(0.0000)(0.0000)(0.0000)(0.0000)CAR0.1191-0.02980.24900.1005(0.4927)(0.8416)(0.0044)(0.3982)NPA0.04120.0197-0.1909-0.3421(0.9434)(0.9719)(0.5879)(0.2967)FMS0.05430.06170.05250.0604(0.0000)(0.0000)(0.0000)(0.0000)SCBC-0.0091-0.0084-0.0090-0.0083(0.0000)(0.0000)(0.0000)(0.0000)D-6.2902-4.0107-10.7815-7.8509(0.0958)(0.2191)(0.0000)(0.0000)_IYear_2005.-0.3799.-0.4077.(0.0000).(0.0000)_IYear_2006.0.8049.0.8201.(0.0000).(0.0000)_IYear_2007.2.1398.2.1109.(0.0000).(0.0000)N3154315431543154chi270427992569054917:()p,N,chi23,ROA((3)(4)),ROA,ROA,ROA,(SCBC),(ROA):,,,,,,,,,0220089,,ROA((2)(4)),COM3COS3,ROA,4EPS,GLS,,3,,,4EPS(5)(6)(7)(8)COM30.00010.00010.00010.0001(0.0000)(0.0000)(0.0000)(0.0000)COM33D..0.00120.0012..(0.0000)(0.0000)COS30.00380.00360.00380.0034(0.0000)(0.0000)(0.0000)(0.0000)COS33D..-0.0081-0.0143..(0.3315)(0.1726)LnTA0.10510.09210.10270.0948(0.0000)(0.0000)(0.0000)(0.0000)CAR-0.0026-0.01700.02550.0147(0.9102)(0.4509)(0.0004)(0.1268)NPA0.00210.0176-0.0350-0.0460(0.9791)(0.8319)(0.3474)(0.1889)FMS0.00230.00260.00240.0025(0.0000)(0.0000)(0.0000)(0.0000)SCBC-0.0005-0.0004-0.0005-0.0004(0.0000)(0.0000)(0.0000)(0.0000)D-0.14330.0835-1.1151-0.8971(0.7772)(0.8653)(0.0000)(0.0000)_IYear_2005.-0.0297.-0.0311.(0.0000).(0.0000)_IYear_2006.0.0084.0.0063.(0.1882).(0.3162)_IYear_2007.0.1442.0.1385.(0.0000).(0.0000)N3154315431543154chi263314342177747620:()p,N,chi212:,,,,,:11,,,,,,,,,,,;,,,,21,,,,,,,,,,,,,,,,,,,,,31,,,,,,,,,(NI)(EPS)(ROA)(ROC)(NPA)(TCR),,,41,,;,,,,(),,(66)22:(),(798),(),,,,,,,,,,,,,,::,[J]200611:[M],:2007:[M],:2006:1.::,200762.:,2006113.:,200644.:,:20075.:,:20056.:,:20067.:,:20068.:,:2006(22),,,,,,,:11Evanoff,DouglasD1andWall,LarryD1,MeasuresoftheRiskinessofBankingOrganizations:SubordinatedDebtYields,Risk-basedCapital,andExaminationRatings,JournalofBankingandFinance,2002,26,110-123121HolmstromB1,Moralhazardinteams,BellJour2nalofEconomics,1982;13:324-340131Levine,Ross,TheCorporateGovernanceofBanks:AConciseDiscussionofConceptsandEvidence,WorldBankPolicyResearchWorkingPaper,2004,No13,40141MaceyandOHara,Thecorporategovernanceofbanks,FRBNYEconomicPolicyReview,2001,56-78151KoseJohnandYimingQian,IncentivefeaturesinCEOcompensationinthebankingindustry,FRBNYEco2nomicPolicyReview,2003,April:109-121161Tirole,Jean,Atheoryofcollectivereputationswithapplicationtothepersistenceofcorruptionandfirmquality,ReviewofEconomicStudies,1996,63:1-22171:,2005781:,2006691:20051101:,20065111::20,20053121:,20041131:CEO,20084141:,2004166ZHEJIANGSOCIALSCIENCESAmonthlyNo.9,September2008ABSTRACTSBuildingPublicCulturalServiceSystemwithTotallyNewIdeasAStudyBasedonthePracticeExperienceofZhejiang(2)ChenLixu(Teaching-ResearchOfficeforSociologyandScienceofCulture,ZhejiangProvincialPartySchool,Hangzhou310012)Abstract:Sincethereformandopeningup,theculturedevelopmentmodelofplannedeconomy,inwhichgovernmentundertakesthewholethings,metwiththeimpactofthemarket-orientedeconomy,whichmadetheculturefieldbedisorderedforatime.Whenthefinancefacedmanydifficulties,somelocalgovern2mentsputtheculturaldevelopmenttothemarket.Asaprovincerankingamongthefirstinthecountry,Zhejiangdisjoinedearliertheculturalcommonwealundertakingandculturalindustry,andgavedifferentin2struction.ZhejiangProvincealsoobtainedachievementininnovatingpublicculturalservicepatterns,inthetheoryandpracticeofadvancingnewideasforpublicculturalservicesystem.Whenmarketeconomyhasbe2comeabasiceconomicsystem,ZhejiangpracticehasshowedthatnotonlythecultureindustrybutalsotheCulturalcommonwealundertakingmustperformtheirfunctionsaccordingtotheadvantagesandshortcomingsofthemarket.Keywords:MarketEconomy,ReformandOpening,TotallyNewIdeas,PublicCulturalServiceSystem,ZhejiangOpinionsandReviewson3