高管激励、公司治理与绩效关系的理论研究

摘要

高管激励机制的设计和选择是一项庞杂的系统工程,需综合考虑企业内外部环境的复杂性和不确定性,也将对公司治理及绩效产生重要影响.在以往理论研究的基础上,从薪酬、股权和晋升三方面考察高管激励对公司治理及绩效的作用机制.研究表明,单方面考虑高管激励机制对公司治理及绩效的影响是远远不够的,必须将薪酬激励、股权激励和晋升激励纳入到一个整体进行分析,使三种激励效应之间相互补充,从而更好地服务于公司治理的战略决策和实施过程.%The design and selection of executive incentive mechanism is a complex and systematic project,which needs to take the complexity and uncertainty of internal and external environment into consideration,and also has a major impact on corporate governance and performance.Based on previous theoretical studies,the paper describes how executive incentive mechanism impacts on corporate governance and corporate performance from the aspects of compensation,equity and promotion incentives.The research indicates that from a single aspect to consider that the executive incentive mechanism impacts on corporate governance and performance is not enough.It is necessary to incorporate three effects of the executive incentive mechanism into an overall,carry out a systematic analysis and allow them to complement each other in order to enable them to better serve the corporate governance of strategic decision-making and implementation process.