我国上市公司高管股权激励与公司绩效关系的实证分析.pdfVIP

A b straet A b stra e t M o d em en terprise sy stem h as m ad e th e ow n ersh iP an d oP eratio n--r ig h t seP arated fto m eaeh o th er.Th e relatio n sh iP b etw een th e ow n ers an d m an ag ers 15 P rin eiP le.一ag en t. T h at 15 a eon traet relation sh iP in w h ich sto e灿 o ld ers as e lien ts d esign ated sen io r m an ag em en t a s ag en t to m ak e so m e eeo n o m ie activ ities. H ow ev er，in reality，th e ow n ers an d o P erato rs resP eet d iffe ren t in terests w h ieh determ ined the interests of the objeetive funetion betw een them are diffe rent.Th e aim o f th e sh areh o ld ers 15 to m ax im ize sh areh o ld er v alu e an d th e lo n g 一te湘 d ev eloP m en t o f th e com P an y :an d th e oP erators are in P u rsu it of th eir own salaries an d allow an ces，in 一serv iee eon su m P tion an d th e m ax im izatio n o f leisu re tim e to m ak e th eir u tility m ax im ized . In th e P ro eess o f P ro du etion an d m an ag em en t， oP erato rs h o ld a lo t o f in form ation th at sh areh o ld ers are u n kn ow n :an d for v ariou s reason s，all righ ts an d ob ligation s b o th sid es eon eern eou ld n o t b e in elu d ed in th e con traet. S u ch in form atio n asym m etries an d in eom P lete eon traets h a s led to “m o ral h azard ，，.hi ord er to redu ee th e ag en t risk an d th e ag en t eo st，im P rov e oP eratin g P erof rm an ee ，it 15 n ecessary to in trod u e e a sh are in een tiv e m ech an ism to