不同生命周期阶段高管薪酬契约与业绩标准选择-journalof.pdfVIP

第33 卷第7期 东 北 大 学 学 报 ( 自 然 科 学 版 ) Vol133, No. 7 2 0 12 年 7 月 Journal of Northeastern U niversit ( Natural Science) Jul. 2 0 1 2 孙世敏, 高丽丽, 王 昂, 赵希男 ( , 110819) : 2008~ 20 10 A , , , # ; , ; , , , # # : ; ; ; ; : F 244 : A : 1005-3026( 2012) 07- 1047-05 Top Managers . Compensation Contract and Performance Standard Choice in Different Life- Cycles S UN Shi-min, GA O L i-li, WAN G A ng , ZHA O X i-nan ( School of Business Administration, Northeastern Universit , Shen ang 110819, China. Corresponding author: SUN Sh-i min, E-mail: smsun @ mail. neu. edu. cn) Abstract: Based on 2008~ 2010 Shanghai A-share listed companies, the relationship between top managers. compensation and compan performance at various life-c cle stages was tested b an empirical research. It was found that the choices of performance standards in designing top managers. compensation contract are different at various life-c cle stages. The companies in the initial and grow ing periods prefer to select performance standards with both financial and market modes, such as return rate on net assets and stock market value; those in the maturit period have preference for market mode performance standard, such as stock market value; those at the recession stage onl pa attention to rate of cost reduction and adopt financial mode performance standard. What is more, the empirical research findings indicated that value mode performance standard is ignored in designing top managers. compensation contract, w hich leads to a comparativel low er value creation abilit for China. s listed companies. Key words: top manager;