企业战略影响超额在职消费吗?
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摘要
基于沪深两市2007-2016年A股上市公司样本,本文探究了企业战略对超额在职消费的影响。实证结果表明,企业战略对超额在职消费存在显著影响:企业战略越激进,超额在职消费规模越高。进一步研究结果表明,良好的公司治理机制和更高的管理者能力能够抑制企业战略对超额在职消费的影响。本文的研究丰富了企业战略与财务行为这一领域的研究;同时,本文的研究对于企业如何降低超额在职消费规模具有十分重要的政策意义。
Based on the sample of A-share listed companies in Shanghai and Shenzhen from 2007 to 2016,this paper examines the relationship between business strategy and excess perquisites.Empirical results suggest that,business strategy has a significant impact on excess perquisites:Compared with defenders,prospectors have higher excess perquisites.Further,the paper finds that corporate governance mechanisms and manager's ability decrease the excess perquisites of prospectors.This paper complements prior research on the relationship of business strategy and financial behavior.Besides,this paper has significant implications for reducing excess perquisites in policy.
Based on the sample of A-share listed companies in Shanghai and Shenzhen from 2007 to 2016,this paper examines the relationship between business strategy and excess perquisites.Empirical results suggest that,business strategy has a significant impact on excess perquisites:Compared with defenders,prospectors have higher excess perquisites.Further,the paper finds that corporate governance mechanisms and manager's ability decrease the excess perquisites of prospectors.This paper complements prior research on the relationship of business strategy and financial behavior.Besides,this paper has significant implications for reducing excess perquisites in policy.
引文
陈冬华,陈信元,万华林.2005.国有企业中的薪酬管制与在职消费.经济研究,2:92～101
耿云江,王明晓.2016.超额在职消费、货币薪酬业绩敏感性与媒体监督——基于中国上市公司的经验证据.会计研究,9:55～61
廖歆欣,刘运国.2016.企业避税、信息不对称与管理层在职消费.南开管理评论,2:87～99
罗宏,黄文华.2008.国企分红、在职消费与公司业绩.管理世界,9:139～148
权小锋,吴世农,文芳.2010.管理层权力,私有收益与薪酬操纵.经济研究,11:73～87
孙健,王百强,曹丰,刘向强.2016.公司战略影响盈余管理吗?管理世界,3:160～169
王化成,张修平,高升好.2016.企业战略影响过度投资吗?南开管理评论,4:87～97
王化成,钟凯,郝恩琪,侯粲然.2018.企业战略定位与公司财务行为:理论研究框架与建议.财务研究,6:3～13
薛健,汝毅,窦超.2017.“惩一”能否“儆百”?——曝光机制对高管超额在职消费的威慑效应探究.会计研究,5:60～66
张铁铸,沙曼.2014.管理层能力、权力与在职消费研究.南开管理评论,5:63～72
Bebchuk,L.,J.Fried,D.Walker.2002.Managerial Power and Rent Extraction in the Design of Executive Compensation.University of Chicago Law Review,69(3):751～846
Bentley,K.A.,T.C.Omer,N.Y.Sharp.2013.Business Strategy,Financial Reporting Irregularities,and Audit Effort.Contemporary Accounting Research,30(2):780～817
Luo,W.,Y.Zhang,N.Zhu.2011.Bank Ownership and Executive Perquisites:New Evidence from an Emerging Market.Journal of Corporate Finance,17(2):352～370
Miles,R.E.,C.C.Snow.1978.Organizational Strategy,Structure,and Process.New York:McGraw-Hill
Miles,R.E.,C.C.Snow.2003.Organizational Strategy,Structure and Process.Stanford,CA:Stanford University Press
Rajan,R.G.,J.Wulf.2006.Are Perks Purely Managerial Excess?.Journal of Financial Economics,79(1):1～33
Simons,R.1987.Accounting Control Systems and Business Strategy:An Empirical Analysis.Accounting Organizations & Society,12(4):357～374
Singh,P.,N.C.Agarwal.2002.The Effects of Firm Strategy on the Level and Structure of Executive Compensation.Canadian Journal of Administrative Sciences,19(1):42～56
Yermack,D.2006.Flights of Fancy:Corporate Jets,CEO Perquisites,and Inferior Shareholder Returns.Journal of Financial Economics,80(1):211～242
耿云江,王明晓.2016.超额在职消费、货币薪酬业绩敏感性与媒体监督——基于中国上市公司的经验证据.会计研究,9:55～61
廖歆欣,刘运国.2016.企业避税、信息不对称与管理层在职消费.南开管理评论,2:87～99
罗宏,黄文华.2008.国企分红、在职消费与公司业绩.管理世界,9:139～148
权小锋,吴世农,文芳.2010.管理层权力,私有收益与薪酬操纵.经济研究,11:73～87
孙健,王百强,曹丰,刘向强.2016.公司战略影响盈余管理吗?管理世界,3:160～169
王化成,张修平,高升好.2016.企业战略影响过度投资吗?南开管理评论,4:87～97
王化成,钟凯,郝恩琪,侯粲然.2018.企业战略定位与公司财务行为:理论研究框架与建议.财务研究,6:3～13
薛健,汝毅,窦超.2017.“惩一”能否“儆百”?——曝光机制对高管超额在职消费的威慑效应探究.会计研究,5:60～66
张铁铸,沙曼.2014.管理层能力、权力与在职消费研究.南开管理评论,5:63～72
Bebchuk,L.,J.Fried,D.Walker.2002.Managerial Power and Rent Extraction in the Design of Executive Compensation.University of Chicago Law Review,69(3):751～846
Bentley,K.A.,T.C.Omer,N.Y.Sharp.2013.Business Strategy,Financial Reporting Irregularities,and Audit Effort.Contemporary Accounting Research,30(2):780～817
Luo,W.,Y.Zhang,N.Zhu.2011.Bank Ownership and Executive Perquisites:New Evidence from an Emerging Market.Journal of Corporate Finance,17(2):352～370
Miles,R.E.,C.C.Snow.1978.Organizational Strategy,Structure,and Process.New York:McGraw-Hill
Miles,R.E.,C.C.Snow.2003.Organizational Strategy,Structure and Process.Stanford,CA:Stanford University Press
Rajan,R.G.,J.Wulf.2006.Are Perks Purely Managerial Excess?.Journal of Financial Economics,79(1):1～33
Simons,R.1987.Accounting Control Systems and Business Strategy:An Empirical Analysis.Accounting Organizations & Society,12(4):357～374
Singh,P.,N.C.Agarwal.2002.The Effects of Firm Strategy on the Level and Structure of Executive Compensation.Canadian Journal of Administrative Sciences,19(1):42～56
Yermack,D.2006.Flights of Fancy:Corporate Jets,CEO Perquisites,and Inferior Shareholder Returns.Journal of Financial Economics,80(1):211～242