On the Use of Incentive Pay in Chinese State-owned Enterprises【外文翻译】

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1、原文：OntheUseofIncentivePayinChineseState-ownedEnterprises:TheRoleofHierarchyBodmer,Frank1.IntroductionAnimportantaimofChineseeconomicreformshasbeentheimprovementoftheincentivesinstate-ownedenterprises(SOEs).Beforereforms,workersenjoyedalmostabsolutejobsecurity.Wagesweretiedtoaseni

2、oritysystem,anddidnotdependoneffort.Thissystemhasbeenrelaxed,andithasatleastintheorybecomepossibletodismissworkers,ortotietheirsalarytotheirperformance.Mostprominently,workercompensationhasbeenmadedependentonresultsofenterpriseactivitysuchasprofitsortheattainmentofoutputtargets.T

3、hus,incentivesforworkerstocontributeeffortshouldhavebeenimproved.Also,theroleofthetopmanagerhaschanged.Whilehewasmainlyarecipientofordersbeforethebeginningofreforms,hehasstartedtoenjoyautonomyandresponsibilityforavarietyofdecisions.Theevidenceonthelaborreformsisgenerallyfairlypos

4、itive.Ithasbeenfoundthatbonuspaymentshaveastronglypositiveeffectonfirmproductivityandthereisevidenceforadevelopinglabormarketfortopmanagers.However,ithasalsobeenfoundthatthewagestructureremainedcompressedattheendofthe1980s.Thecompressedwagestructureissomethingofapuzzleifonethinks

5、thatwageshavebecomedependentonperformance.Inthiscase,onewouldratherexpectanincreasingwagedispersion.Thecompressedwagestructurealsocontradictstheideathatmanagershavebeengivenmoreresponsibilities.Certainly,theyhadtobecompensatedforthisincreasedresponsibility,toensurethattheyactedin

6、theinterestsofthefirm.Afurtherpuzzleishowthebonussystemprovedtobeassuccessfulasitapparentlywasgiventhewell-knownfree-riderproblemsofteamcompensation.Thepresentpaperinvestigatesthisapparentcontradiction.Itfindsthatbelowthesurfaceofafairlycompressedwagestructuremuchcanbefoundwhichf

7、ollowstheoriesofincentivepay.First,itisfoundthatthesensitivityofpaytoperformanceishigherforhigherlevelsofthehierarchy.Second,evidenceisfoundthattheInternalSalarySystem—asystemofintra-firmcontracts—hasbeenimportantinprovidingintra-firmcontrolandtherebyimprovingincentives.Byincreas

8、ingthetransparencyandreducingthemonitori