异质性企业高管在职消费与货币薪酬的治理效应研究——兼论在职消费的代理观与效率观.doc

异质性企业高管在职消费与货币薪酬的 治理效应研究一一兼论在职消费的“代 理观”与“效率观” 陈晓珊 e南大学产业经济研宄院 研宄所 基于中国上市公司的微观数据，实证考察了高管在职消费与货币薪酬的治理效 应。研究表明：（1）总体而言，高管在职消费与企业绩效之间呈“倒U型”关系， 这表明“代理观”与“效率观”是有机统一的;高管货币薪酬激励对企业缋效提 升的边际效应远大于在职消费发挥的边际效应。（2）公司的治理水平、内部特征、 外部市场环境及产权性质等均会显著影响在职消费的两种机制对企业的治理效 应。（3）国有企业高管在职消费冋样呈“倒U型”特征,而民营企业高管的在职消 费则呈线性递增特征。上述发现厘清了高管在职消费的“代理观”与“效率观” 之间的关系，其对既有研究构成了有益的补充，同时对企业激励机制的制定而言 亦具有重要的实践启示意义。 关键词： 在职消费;高管薪酬;倒U型关系;企业绩效;企业异质性; 陈晓珊（1989-）,女，广东汕头人，暨南大学产业经济研究院、产业组织 与规制研宄所研宄生，研宄方向为产业组织理论与公司金融。 2016-10-21 Study on the Governance Effects of the Perquisite Consumption and Monetary Compensation of Senior Executives in Heterogeneous Firms On the “Agent View” and the “Efficiency View” of Perquisite Consumption CHEN Xiao-shan Institute of Industrial Economics，Jinan University; Abstract： Based on the micro- data of China’s listed companies, this paper empirically tests the governance effects of the perquisite consumption and monetary compensation of senior executives. The results show that: 1) On the whole, there is a significant “inverted IJ- shape” relationship between perquisite consumption of senior executives and firm performance,showing that the “agent view” and the “efficiency view” are integrated with each other; the marginal effects of executive monetary compensations are far greater than the that of the perquisite consumption; 2)The level of corporate governance, internal characteristics, the external market environment, and the nature of property rights can all affect the governance effects brought by the two mechanism of perquisite consumption; 3) The perquisite consumption of senior executives in state- owned enterprises also shows an “inverted U- shape” relationship,but the relationship shows a linear increasing feature in private firms. The findings above clarify the relationship between the “agent view” and the “efficiency view” of senior executives’ perquisite consumption, which is not only a useful supplement to the existing literatures,but also offers important implications for establ