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【RAS】收入與管理薪酬契約中基于股價的激勵

[發布日期]:2017-02-28  [浏覽次數]:

Review of Accounting Studies· Volume 21, Issue 1, March 2016

收入與管理薪酬契約中基于股價的激勵

作者:AE Bernardo (UCLA Anderson School of Management), H Cai (Guanghua School of Management), J Luo (Nanyang Technological University)

摘要:我們建立了一個以股票價格為基礎的激勵機制理論,該理論在股票價格不包含公司未知信息時仍舊成立。在我們的模型中,如果市場對投資某公司的投資機會質量持有不同的意見時,公司經理必須搜尋并決定新的投資項目。當市場有一緻的或悲觀的信念時,公司最好提供僅基于已實現收入的激勵,從而導緻有效的投資政策;然而,當市場呈現出樂觀信念時,公司最好引進基于股票價格的激勵,這會導緻一個無效的投資政策。如果公司可以在有利條件下籌集到股權資本,那麼公司眼中的負淨現值項目很可能在流通股東看來是正的淨現值項目。公司将會通過提供基于當前股價的薪酬激勵促使公司經理實施這樣的項目。

關鍵詞:薪酬,投資政策,錯誤定價

Earnings vs. stock-price based incentives in managerial compensation contracts

AE Bernardo(UCLA Anderson School of Management), H Cai(Guanghua School of Management), J Luo(Nanyang Technological University)

ABSTRACT

We develop a theory of stock-price-based incentives even when the stock price does not contain information unknown to the firm. In our model, a manager must search for and decide on new investment projects when the market may have a difference of opinion about the quality of the firm’s investment opportunities. The firm optimally provides incentives based solely on realized earnings, leading to an efficient investment policy, when the market has congruent or pessimistic beliefs; however, the firm optimally introduces stock-price-based incentives, leading to an inefficient investment policy, when the market has optimistic beliefs. If the firm can raise equity capital on favorable terms, negative NPV projects from the perspective of the firm may be positive NPV projects from the perspective of current shareholders. The firm motivates the manager to take such projects by basing some compensation on the current stock price.

Keywords: Compensation;Investment policy;Mispricing

原文鍊接:

http://xueshu.baidu.com/s?wd=paperuri%3A%28463abb837caa59268b04e6f9fc403a8d%29&filter=sc_long_sign&tn=SE_xueshusource_2kduw22v&sc_vurl=http%3A%2F%2Flink.springer.com%2Farticle%2F10.1007%2Fs11142-015-9339-6&ie=utf-8&sc_us=16540955551746051525

翻譯:黃濤



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