管理评论

管理评论 ›› 2022, Vol. 34 ›› Issue (2): 241-255.

• 组织行为与人力资源管理 • 上一篇    下一篇

市场化进程下高管薪酬契约的业绩指标选择

蒋涛1, 刘梦宁2   

  1. 1. 南京财经大学会计学院, 南京 210023;
    2. 东南大学经济管理学院, 南京 211189
  • 收稿日期:2019-01-22 出版日期:2022-02-28 发布日期:2022-03-24
  • 通讯作者: 刘梦宁（通讯作者），东南大学经济管理学院讲师，博士
  • 作者简介:蒋涛，南京财经大学会计学院副教授，博士
  • 基金资助:
    国家自然科学基金面上项目（71572197；71872187）；国家自然科学基金青年项目（72002031）；国家自然科学基金重大项目（71790603）。

The Choices of Performance Indexes of Executive Compensation Contracts in the Process of Marketization

Jiang Tao1, Liu Mengning2   

  1. 1. Accounting School, Nanjing University of Finance and Economics, Nanjing 210023;
    2. School of Economics and Management, Southeast University, Nanjing 211189
  • Received:2019-01-22 Online:2022-02-28 Published:2022-03-24

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摘要： 本文研究中国经济市场化进程对微观企业行为的影响。研究发现，市场化程度高的地区，上市公司高管薪酬考核政策更加偏重利润指标；与社会责任相关的非财务指标考核没有加强。事后的经济后果的验证发现，市场化程度高的地区，上市公司经理人与会计利润相关的薪酬业绩敏感性更高，而相关的社会责任的信息披露并没有提升。通过宏观经济制度与微观的企业行为研究，说明市场化进程的确能够提升公司治理能力，但是不能促使企业承担更多安全生产、环保方面的社会责任。

关键词: 市场化进程, 财务指标, 非财务指标, 社会责任

Abstract: This paper studies the impact of the process of China’s economic marketization on behaviors of micro-enterprises. We find that in areas with a higher level of marketization, listed companies’ remuneration assessment policies are based more on profit indexes, with no emphasis put on the non-financial indexes related to social responsibility assessments. Then we analyse the ex post economic consequences and find that in areas with a higher level of marketization, the sensitivity of pay-for-performance of the listed company executives, which is related to the accounting profit is higher, and the information disclosure of social responsibility doesn’t increase. The study of macroeconomic phenomena and microcosmic corporate behaviors shows that the process of marketization could indeed enhance corporate governance capabilities, but it cannot encourage companies to assume more social responsibilities for production safety and environmental protection.

Key words: marketization process, financial indexes, nonfinancial indexes, social responsibility