高管薪酬和激励[文献翻译]

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1、外文题目ExecutiveCompensationAndIncentives外文出处AcodemyofManagementPerspectives,2006(2)：p25-40外文作者　　MartinJ.Conyon原文：ExecutiveCompensationAndIncentivesMartinJ.ConyonExecutivecompensationisacomplexandcontroversialsubject.Formanyyears,academics,policymakers,andthemediahavedrawn

2、attentiontothehighlevelsofpayawardedtoU.S.chiefexecutiveofficers(CEOs),questioningwhethertheyareconsistentwithshareholderinterests.SomeacademicshavefurtherarguedthatflawsinCEOpayarrangementsanddeviationsfromshareholders’interestsarewidespreadandconsiderable.Forexample,L

3、ucianBebchukandJesseFriedprovidealucidaccountofthemanagerialpowerviewandaccompanyingevidence.MarianneBertrandandSendhilMullainathantooprovideananalysisofthe‘skimmingview’ofCEOpay.Incontrast,JohnCoreetal.presentaneconomiccontractingapproachtoexecutivepayandincentives,ass

4、essingwhetherCEOsreceiveinefficientpaywithoutperformance.Inthispaper,weshowwhathashappenedtoCEOpayintheUnitedStates.Wedonotclaimtodistinguishbetweenthecontractingandmanagerialpowerviewsofexecutivepay.Instead,wedocumentthepatternofexecutivepayandincentivesintheUnitedStat

5、es,investigatingwhetherthispatternisconsistentwitheconomictheory.TheContext:WhoSetsExecutivePay?Beforeexaminingtheempiricalevidencepresentedinthispaper,itisimportanttoconsiderthepay-settingprocessandwhosetsexecutivepay.Thestandardeconomictheoryofexecutivecompensationist

6、heprincipal-agentmodel.Thetheorymaintainsthatfirmsseektodesignthemostefficientcompensationpackagespossibleinordertoattract,retain,andmotivateCEOs,executives,andmanagers.Intheagencymodel,shareholderssetpay.Inpractice,however,thecompensationcommitteeoftheboarddeterminespa

7、yonbehalfofshareholders.Aprincipal(shareholder)designsacontractandmakesanoffertoanagent(CEO/manager).Executivecompensationamelioratesamoralhazardproblem(i.e.,manageropportunism)arisingfromlowfirmownership.Byusingstockoptions,restrictedstock,andlong-termcontracts,shareho

8、ldersmotivatetheCEOtomaximizefirmvalue.Inotherwords,shareholderstrytodesignoptimalcompensationpackagestoprovid