管理层自利行为与外部监督——基于信息披露的信号博弈
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摘要
代理理论框架下的企业高层管理者具有普遍的自利倾向,而信息不对称是产生代理问题的重要原因。缓解代理问题的方法不外乎监督,激励和减少信息不对称。现有文献通常分别考察以上三种机制对缓解代理问题的作用,本文则构建了管理层与企业外部监督者之间的信号博弈模型,同时考虑监督、激励和信息披露之间的互动,分析外部监管对高管自利行为的有效监督机制。研究表明:在缺少激励机制的情况下,以信息披露质量为信号的博弈仅存在一个低效率的混合均衡,即无论高管是否存在自利行为,都会选择低的信息披露质量。而在对高管选择高质量的信息披露策略给予一定的奖励时,可以实现分离均衡。由此我们提出新的包含奖励的信息披露激励机制以及在这一机制下外部监管者的最优策略选择。利用金牌董秘的评选及其对外部监管的信号效应,我们为理论模型的结论提供了实证支持。
Under the framework of principle-agency theory,top managements have incentives to adopt self-interested behaviors which benefit themselves but damage firm value.The information asymmetry is a fundamental cause of these self-interested behaviors.Outside supervision,incentive and information disclosure mechanisms are usually taken as the methods to alleviate the agency problem.Most of the enisting researches focus on just one of these three mechanisms.In this study,a signaling game model is established and the interactions among the information disclosure,incentive system and outside supervision are explored.It is found that under the model without incentive for high quality information disclosure,both types of executives will choose a strategy of lower quality of information disclosure.When an incentive is given to the executives with high quality information disclosure,an efficient separating equilibrium can be reached.That is,an incentive-based information disclosure mechanism will guide outside supervisors to make much more efficient decisions.Based on the setting of the Gold Board Secretary of Chinese listed company,strong empirical supports are offered to our theoretical model.
Under the framework of principle-agency theory,top managements have incentives to adopt self-interested behaviors which benefit themselves but damage firm value.The information asymmetry is a fundamental cause of these self-interested behaviors.Outside supervision,incentive and information disclosure mechanisms are usually taken as the methods to alleviate the agency problem.Most of the enisting researches focus on just one of these three mechanisms.In this study,a signaling game model is established and the interactions among the information disclosure,incentive system and outside supervision are explored.It is found that under the model without incentive for high quality information disclosure,both types of executives will choose a strategy of lower quality of information disclosure.When an incentive is given to the executives with high quality information disclosure,an efficient separating equilibrium can be reached.That is,an incentive-based information disclosure mechanism will guide outside supervisors to make much more efficient decisions.Based on the setting of the Gold Board Secretary of Chinese listed company,strong empirical supports are offered to our theoretical model.
引文
[1]吴育辉,吴世农.企业高管自利行为及其影响因素研究——基于我国上市公司股权激励草案的证据[J].管理世界,2010,(5):141-149.
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[4]Cotter J F,Zenner M.How managerial wealth affects the tender offer process[J].Journal of Financial Economics,1994,35(1):63-97.
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[7]陈冬华,范从来,沈永建,等.职工激励、工资刚性与企业绩效——基于国有非上市公司的经验证据[J].经济研究,2010,(7):116-129.
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[10]曹裕,余振宇,万光羽.新媒体环境下政府与企业在食品掺假中的演化博弈研究[J].中国管理科学,2017,25(6):179-187.
[11]焦建玲,陈洁,李兰兰,等.碳减排奖惩机制下地方政府和企业行为演化博弈分析[J].中国管理科学,2017,25(10):140-150.
[12]李余辉,倪得兵,唐小我.基于企业社会责任的供应链企业质量信号传递博弈[J].中国管理科学,2017,25(7):38-47.
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[15]杨德明,赵璨.媒体监督、媒体治理与高管薪酬[J].经济研究,2012,47(6):116-126.
[16]戴亦一,潘越,陈芬.媒体监督、政府质量与审计师变更[J].会计研究,2013,(10):89-95.
[17]郑建明,黄晓蓓,张新民.管理层业绩预告违规与分析师监管[J].会计研究,2015,(3):50-56.
[18]杨瑞龙,王元,聂辉华.“准官员”的晋升机制:来自中国央企的证据[J].管理世界,2013,(3):23-33.
[19]张娆,薛翰玉,赵健宏.管理层自利、外部监督与盈利预测偏差[J].会计研究,2017,(1):32-38.
[20]Hirst D E,Koonce L,Venkataraman S.Management earnings forecasts:A review and framework[J].Accounting Horizons,2008,22(3):315-338.
[21]张馨艺,张海燕,夏冬林.高管持股、择时披露与市场反应[J].会计研究,2012,(6):54-60.
[22]Nagar V,Nanda D,Wysocki P.Discretionary disclosure and stock-based incentives[J].Journal of Accounting and Economics,2003,34(1):283-309.
[23]Cheng Qiang,Luo Ting,Yue Heng.Managerial incentivesand management forecast precision[J].Accounting Review,2013,88(5):1575-1602.
[24]陆正飞,刘桂进.中国公众投资者信息需求之探索性研究[J].经济研究,2002,(4):36-43.
[25]Altschuler D,Chen G,Zhou Jie.Anticipation of management forecasts and analysts’private information search[J].Review of Accounting Studies,2015,20(2):803-838.
[26]王曾,符国群,黄丹阳,等.国有企业CEO“政治晋升”与“在职消费”关系研究[J].管理世界,2014,(5):157-171.
[2]Aggarwal R K,Wu Guojun.Stock Market Manipulations[J].Journal of Business,2006,79(4):1915-1953.
[3]Jensen M C.Agency costs of free cash flow,corporate finance,and takeovers.[J].American Economic Review,1986,76(2):323-329.
[4]Cotter J F,Zenner M.How managerial wealth affects the tender offer process[J].Journal of Financial Economics,1994,35(1):63-97.
[5]Jensen M C,Murphy K J.Performance pay and topmanagement incentives[J].Journal of Political Economy,1990,98(2):225-264.
[6]卢锐,魏明海,黎文靖.管理层权力、在职消费与产权效率——来自中国上市公司的证据[J].南开管理评论,2008,(5):85-92.
[7]陈冬华,范从来,沈永建,等.职工激励、工资刚性与企业绩效——基于国有非上市公司的经验证据[J].经济研究,2010,(7):116-129.
[8]Rajan R G,Wulf J.Are perks purely managerial excess?[J].Journal of Financial Economics,2006,79(1):1-33.
[9]周仁俊,杨战兵,李勇.管理层薪酬结构的激励效果研究[J].中国管理科学,2011,19(1):185-192.
[10]曹裕,余振宇,万光羽.新媒体环境下政府与企业在食品掺假中的演化博弈研究[J].中国管理科学,2017,25(6):179-187.
[11]焦建玲,陈洁,李兰兰,等.碳减排奖惩机制下地方政府和企业行为演化博弈分析[J].中国管理科学,2017,25(10):140-150.
[12]李余辉,倪得兵,唐小我.基于企业社会责任的供应链企业质量信号传递博弈[J].中国管理科学,2017,25(7):38-47.
[13]Bebchuk L A,Fried J M,Walker D I.Managerial power and rent extraction in the design of executive compensation[J].University of Chicago Law Review,2002,69(3):751-846.
[14]李培功,沈艺峰.媒体的公司治理作用:中国的经验证据[J].经济研究,2010,45(4):14-27.
[15]杨德明,赵璨.媒体监督、媒体治理与高管薪酬[J].经济研究,2012,47(6):116-126.
[16]戴亦一,潘越,陈芬.媒体监督、政府质量与审计师变更[J].会计研究,2013,(10):89-95.
[17]郑建明,黄晓蓓,张新民.管理层业绩预告违规与分析师监管[J].会计研究,2015,(3):50-56.
[18]杨瑞龙,王元,聂辉华.“准官员”的晋升机制:来自中国央企的证据[J].管理世界,2013,(3):23-33.
[19]张娆,薛翰玉,赵健宏.管理层自利、外部监督与盈利预测偏差[J].会计研究,2017,(1):32-38.
[20]Hirst D E,Koonce L,Venkataraman S.Management earnings forecasts:A review and framework[J].Accounting Horizons,2008,22(3):315-338.
[21]张馨艺,张海燕,夏冬林.高管持股、择时披露与市场反应[J].会计研究,2012,(6):54-60.
[22]Nagar V,Nanda D,Wysocki P.Discretionary disclosure and stock-based incentives[J].Journal of Accounting and Economics,2003,34(1):283-309.
[23]Cheng Qiang,Luo Ting,Yue Heng.Managerial incentivesand management forecast precision[J].Accounting Review,2013,88(5):1575-1602.
[24]陆正飞,刘桂进.中国公众投资者信息需求之探索性研究[J].经济研究,2002,(4):36-43.
[25]Altschuler D,Chen G,Zhou Jie.Anticipation of management forecasts and analysts’private information search[J].Review of Accounting Studies,2015,20(2):803-838.
[26]王曾,符国群,黄丹阳,等.国有企业CEO“政治晋升”与“在职消费”关系研究[J].管理世界,2014,(5):157-171.