摘要
本文以2003-2014年中国A股民营企业为样本,研究"信任"这一重要的非正式制度对高管薪酬激励的影响。研究发现,信任能够显著提升高管薪酬激励效果,即公司所在地区的信任环境越好,其高管薪酬与公司业绩的敏感性越强。特别地,当公司所在地区的法律制度尚不完善时,信任能够有效替代法律这种正式制度,发挥保障高管薪酬激励的重要作用。另外本文也发现,信任对高管薪酬激励的积极影响仅局限于公司小规模经营阶段,随着公司规模不断扩大,信任的作用将不断减小,此时更加正式的公司治理机制和更加完善的法律制度成为提升高管薪酬激励的关键所在。本文不仅从一定程度上证实非正式制度对于解释"中国经济增长之谜"的重要意义,也证实了在中国经济结构发生深刻变化的当下全面实施依法治国的必要性。
For the past thirty years, China has achieved miraculous development performance under the condition of imperfect market system and legal system. This phenomenon is called "mystery of China's economic growth". Economists try to explain this phenomenon from different angles. The widely accepted view is that the rapid development of China's economy benefits from the effective informal institutions, acting as effective replacements for formal institutions such as laws and market systems. But so far, there still exist many remaining issues to be discussed, such as the relationship between informal institutions and formal institutions(substitutes or complements)? Is there any application situation or application conditions for informal institutions? As the economic development stage changes, will the informal institutions still be enough to support sustained economic growth and efficient governance? To address these questions, this paper investigates the impact of trust, an extremely important informal institution, on corporate governance. Specifically, we use the data of 2003-2014 China A share listed private companies, to study how the regional trust environment, affect the efficiency of salary incentive mechanism on CEOs. We find that trust can significantly improve the effect of executive compensation incentive, namely the compensation of the senior executive is more sensitive to performance in a firm with higher trust. In particular, trust can be an effective alternative to formal institution and plays an important role in corporate governance when the formal institution faced by the company is undeveloped. However, we also find that the impact of trust on executive compensation contract is limited to companies with smaller size, and the effect of trust is continually decreasing with the expanding of the firm size. This paper not only confirms the importance of informal institution to explain "the puzzle of China's economic growth" in some extent, but also confirms the necessity of the full implementation of "rul
出处
《南开管理评论》
CSSCI
北大核心
2017年第6期116-128,149,共14页
Nankai Business Review
基金
国家自然科学基金项目(71372148)
国家自然科学基金青年项目(71703131)资助
教育部人文社会科学研究青年项目(17YJC790058)
