非财务指标在企业绩效评价中的有效性研究
|
摘要
对企业来说,永恒不变的真理是追求绩效,而在企业绩效评价体系中引入适当的非财务指标又是近年来在会计理论与实践中讨论地比较多的话题,然而由于非财务指标的收集较为困难,因而我国较多的研究都是停留在用非财务指标来弥补财务指标的缺陷的表面层次上。
本文首先综述了各学者关于非财务指标研究与企业会计业绩及未来市场业绩之间关系的研究成果,然后对支持非财务指标的委托代理理论以及非财务指标的优缺点进行了归纳总结,并结合基本理论简单分析了企业非财务指标的设置原则及在设置时应当考虑的因素。在第四部分的实证分析中,本文对企业是否在高管薪酬契约中采用非财务指标与企业当前及预期市场业绩之间的关系分别建立了两个多元线性回归统计模型进行实证研究,其一是对非财务指标的使用与企业当前会计业绩(以ROA,企业总资产收益率)之间的相关性研究,结果表明非财务指标的使用与企业总资产收益率之间呈显著的正相关关系,其二是对非财务指标的使用与企业预期市场业绩(托宾Q)的研究,结果发现非财务指标的使用与托宾Q相关关系的模型通过了10%的显著性检验,两者之间也呈明显的正相关关系。
最后本文认为为了提升我国对非财务指标的研究水平,应当从规范非财务信息的披露开始,满足企业利益相关者的需求,同时要在企业内部根据权变理论设计合理的绩效评价体系,使财务指标与非财务指标完善结合,准确评价业绩。另外还应当适当提高高管人员薪酬,并建立健全薪酬长期激励机制,避免高管人员产生短期行为。
For enterprises, the eternal truth is to pursue performance. It has been wildly discussed that introducing nonfinancial performance measures (NFM) into performance evaluation system both in the fields of theory and practice. However, because of the difficulty to collect information about NFM, most of the studies about NFM can just reach the level of how to overcome the inadequacies of financial performance measures.
This thesis begins with introducing literatures of NFM, which can be divided into two aspects:the relationship between NFM and firms'current accounting performance and the relationship between NFM and firms'future performance. Next, this thesis summarizes the Agency theory and the advantages and disadvantages of NFM. Then concerning the basic principles discussed above, the important considerations in the design of NFM are discussed in the 3rd part. In part 4, this thesis empirically investigates the relationships between firms decisions of using NFM included in compensation contracts or not and firms'current/future performance. The results indicate that the adoption of NFM is positively associated contemporaneous accounting-based performance (ROA), at the level of 1%. And the results also indicate that it is positively associated with firms markt-based performance (Tobin-Q), at the level of 10%.
Finally, this thesis advocates that in order to improve the research level about NFM, it could begin from specifying the principle of disclosure about NFM to meet stakeholders' needs. In the mean time, a reasonable performance evaluation system containing both financial and nonfinancial performance measures should be established according to the Contingency Theory in order to evaluate firms'performance accurately. In addition, firms can also consider of improving the compensation of senior executives as well as establish long-term incentive mechanism to avoid short-term behavior.
本文首先综述了各学者关于非财务指标研究与企业会计业绩及未来市场业绩之间关系的研究成果,然后对支持非财务指标的委托代理理论以及非财务指标的优缺点进行了归纳总结,并结合基本理论简单分析了企业非财务指标的设置原则及在设置时应当考虑的因素。在第四部分的实证分析中,本文对企业是否在高管薪酬契约中采用非财务指标与企业当前及预期市场业绩之间的关系分别建立了两个多元线性回归统计模型进行实证研究,其一是对非财务指标的使用与企业当前会计业绩(以ROA,企业总资产收益率)之间的相关性研究,结果表明非财务指标的使用与企业总资产收益率之间呈显著的正相关关系,其二是对非财务指标的使用与企业预期市场业绩(托宾Q)的研究,结果发现非财务指标的使用与托宾Q相关关系的模型通过了10%的显著性检验,两者之间也呈明显的正相关关系。
最后本文认为为了提升我国对非财务指标的研究水平,应当从规范非财务信息的披露开始,满足企业利益相关者的需求,同时要在企业内部根据权变理论设计合理的绩效评价体系,使财务指标与非财务指标完善结合,准确评价业绩。另外还应当适当提高高管人员薪酬,并建立健全薪酬长期激励机制,避免高管人员产生短期行为。
For enterprises, the eternal truth is to pursue performance. It has been wildly discussed that introducing nonfinancial performance measures (NFM) into performance evaluation system both in the fields of theory and practice. However, because of the difficulty to collect information about NFM, most of the studies about NFM can just reach the level of how to overcome the inadequacies of financial performance measures.
This thesis begins with introducing literatures of NFM, which can be divided into two aspects:the relationship between NFM and firms'current accounting performance and the relationship between NFM and firms'future performance. Next, this thesis summarizes the Agency theory and the advantages and disadvantages of NFM. Then concerning the basic principles discussed above, the important considerations in the design of NFM are discussed in the 3rd part. In part 4, this thesis empirically investigates the relationships between firms decisions of using NFM included in compensation contracts or not and firms'current/future performance. The results indicate that the adoption of NFM is positively associated contemporaneous accounting-based performance (ROA), at the level of 1%. And the results also indicate that it is positively associated with firms markt-based performance (Tobin-Q), at the level of 10%.
Finally, this thesis advocates that in order to improve the research level about NFM, it could begin from specifying the principle of disclosure about NFM to meet stakeholders' needs. In the mean time, a reasonable performance evaluation system containing both financial and nonfinancial performance measures should be established according to the Contingency Theory in order to evaluate firms'performance accurately. In addition, firms can also consider of improving the compensation of senior executives as well as establish long-term incentive mechanism to avoid short-term behavior.
引文
[1]张川,潘飞,John Robinson非财务指标采用的业绩后果实证研究——代理理论Vs.权变理论.会计研究,2008(02)：39～46
[2]许毅.基于非财务指标的上市公司财务预警实证研究.财会通讯,2009(27)：48～50
[3]潘飞,张川.市场竞争程度、评价指标与公司业绩.中国会计评论,2008(9)：23～25
[4]杨轶.财务预警研究中非财务指标选择综述与评价.财会通讯,2008(6)：100-101
[5]耿莉萍.财务指标与非财务指标统筹考虑的企业经营者绩效评价模型探讨.中国管理信息化,2008(11)：72～75
[6]毛洪涛,王新.代理理论、经理层行为与管理会计研究.会计研究,2008(9)：47～54
[7]陈华敏.对企业价值管理非财务指标研究的思考.商业时代,2007(1)：72～73
[8]张洽.我国工业企业资信评估体系确定的非财务指标研究.现代经济,2007(9)：1～5
[9]杨华.非财务指标在财务危机预警模型中的应用研究——以*ST公司为例.山东经济,2007(6)：119～122
[10]王冬梅,李娇.论企业绩效评价体系中非财务指标的设计.管理评论,2007(7)：47～51
[11]陈华敏.对企业价值管理非财务指标研究的思考.商业时代,2007(1)：72～73
[12]刘有贵,蒋年云.委托代理理论述评。学术界(双月刊),2006,1(116)：69～78
[13]张川,潘飞,John Robinson.非财务指标与企业财务业绩相关吗——一项基于中国国有企业的实证研究.中国工业经济.2006(11)：99-107
[14]李芳,荆建明.基于价值链将财务与非财务指标相结合综合评价公司业绩.价值工程,2006(9)：42-44
[15]王克敏,姬美光.基于财务与非财务指标的亏损公司财务预警研究——以公司ST为例.财经研究,2006(7)：63-72
[16]吕峻.基于非财务指标的财务困境预测及征兆分析——来自于制造业上市公司的实证研究.中国社会科学院研究生院学报,2006(2)：52-58
[17]周仁俊,喻天舒,杨战兵.公司治理激励机制与业绩评价.会计研究,2005(11)：26-31
[18]曹建安,任海云.企业业绩评价的非财务指标设置管见.财会月刊,2004(08B)：24-25
[19]王化成,刘俊勇.企业业绩评价模式研究——兼论中国企业业绩评价模式选择.管理世界,2004(4)：82-91
[20]张俊瑞,赵进文,张建.高级管理层激励与上市公司经营绩效相关性的实证分析.会计研究,2003(19)：29-34
[21]王化成,刘俊勇.企业业绩评价研究回顾及卡普兰和诺顿的理论贡献.财会通讯,2003(12)：21-23
[22]唐广.评价上市公司价值的非财务指标概述.财会月刊,2003(07A)：30-31
[23]魏刚.高级管理层激励与上市公司经营绩效.经济研究,2000(3)：32-39
[24]秦志敏,陈梦.对国有资本金效绩评价指标的研究.会计研究,2000(9)：61-62
[25]张维迎.企业的企业家——契约理论[M].上海：上海三联书店上海出版社,2001
[26]张维迎.博弈论与信息经济学[M].上海：上海三联书店上海人民出版社,1996
[27]陈华敏.非财务指标的绩效后果研究.[博士学位论文].厦门：厦门大学,2006
[28]李楚华.非财务指标构建方法的研究.[硕士学位论文].北京：对外经济贸易大学,2007
[29]曾峻.企业绩效评价中的非财务指标研究.[硕士学位论文].湖南：湖南大学,2004
[30]Allan Hansen. Nonfinancial performance measures, externalities and target setting:A Comparative case study of resolutions through planning. Management Accounting Research, Vol.21, Issue 1, March 2010:17～39
[31]Joan Luft. Nonfinancial Information and Accounting:A Reconsideration of Benefits and Challenges. Accounting Horizons. Vol.23, No.32009:307～325
[32]Stanley Baiman, Tim Baldenius. Nonfinancial Performance Measures as Coordination Devices. The accounting review, Vol.84, No.2,2009:299～330
[33]Chong M.Lau, Antony Moser. Behavioral Effects of Nonfmancial Performance Measures:The Role of Procedural Fairness. Behavioral research in accounting. Vol.20, No.2,2008:55～71
[34]Michael Gibbs. Discussion of Nonfinancial Performance Measures and Promotion～Based Incentives. Journal of Accounting Research, Vol.46 No.2,2008:333～340
[35]Campbell Dennis. Nonfinancial Performance Measures and Promotion～Based Incentives. Journal of Accounting Research, Vol.46 Issue2,2008:297～332.
[36]Christopher D. Ittner, David F. Larcker. Extending the Boundaries:Nonfinancial Performance Measures. Handbooks of Management Accounting Research, Vol.3,2008:1235～1251
[37]Rajiv D. banker, Raj mashruwala. The moderating role of competition in the relationship between nonfinancial measures and future financial performance. Contemporary Accounting Research, Vol. 24, No.3,2007:763～793
[38]Ya-wen Yang. The Value～Relevance of Nonfinancial Information:The Biotechnology Industry. Advances in Accounting, Vol.23,2007:287～314
[39]Suzanne J. Peterson, Fred Luthans. The Impact of Financial and Nonfinancial Incentives on Business-Unit Outcomes Over Time. Journal of Applied Psychology, Vol.91,2006:156～165
[40]Chee W. chow. Wim A. Van Der Stede. The Use and Usefulness of nonfinancial performance measures. Management Accounting Quarterly, vol.7,2006:1～8
[41]Jan Bouwens, Laurence van Lent. Performance Measure Properties and the Effect of Incentive Contracts. Journal of management accounting research, Vol.18,2006:55～75
[42]Renee B. Adams, Joao A.C. Santos. Identifying the effect of managerial control on firm performance. Journal of Accounting and Economics, vol.41,2006:55～85
[43]Robert J. Bloomfield, Joan L. Luft. Responsibility for Cost Management Hinders Learning to Avoid the Winner's Curse. The accounting review, Vol.81, No.1,2006:29～47
[44]Dipankar Ghosh.Alternative Measures of Managers. Performance, Controllability, and the Outcome Effect. Behavioral research in accounting, Vol.17,2005:55～70
[45]Hassan R. HassabElnaby, Amal A. Said, Benson Wier.The Retention of Nonfinancial Performance Measures in Compensation Contracts. Journal of management accounting research, Vol.17,2005: 23～42
[46]Chong M. Lau, Mahfud Sholihin. Financial and non-financial performance measures:How do they affect job satisfaction? The British Accounting Review, Vol.37, Issue 4, December 2005:389～ 413
[47]Bengt Pramborg. Foreign exchange risk management by Swedish and Korean nonfinancial firms:A comparative survey. Pacific-Basin Finance Journal, Vol.13, Issue 3, June 2005:343～366
[48]Hassan R. Hassab, Elnaby, Amal A. Said. The Retention of Nonfinancial Performance Measures in Compensation Contracts. Journal of Management Accounting Research, Vol.17,2005:23～42
[49]Anthony D. Nikias, Steven Schwartz, Richard A. Young. Optimal Performance Measures with Task Complementarily. Journal of management accounting research, Vol.17,2005:53～73
[50]Rodney E. Smith, William F. Wright. Determinants of Customer Loyalty and Financial Performance. Journal of management accounting research, Vol.16,2004:183～205
[51]Anil Arya, John C., Fellingham, Dongtas A. Sctiroeder. Aggregation and Measurement Errors in Performance Evaluation. Journal of management accounting research, Vol.16,2004:93～105
[52]Lisa Bryant, Denise A. Jones. Managing Value Creation within the Firm:An Examination of Multiple Performance Measures. Journal of management accounting research, Vol.16,2004:107～ 131
[53]Amal A. Said, Hassan R. Hassab Elnaby. An Empirical Investigation of the Performance Consequences of Nonfinancial Measures. Journal of Management Accounting Research, Vol.15, 2003:193～223
[54]Ann L Watkins. A balanced perspective using nonfinancial measures to assess financial performance. Healthcare Financial Management, Vol.11,2003:76～80
[55]Dirk Sliwka. On the use of nonfinancial performance measures in management compensation. Journal of Economics & Management Strategy. Vol.11,2002:487～511
[56]Michael J. Smith. Gaming nonfinancial performance measures. Journal of Management Accounting Research, Vol.14,2002:119～133
[57]Jacqueline L. Reck. The usefulness of financial and nonfinancial performance information in resource allocation decisions. Journal of Accounting and Public Policy, Vol.20,2001:45～71
[58]Sean W. G. Robb, Louise E. Single Marilyn T. Zarzeski. Nonfinancial disclosures across Anglo-American countries. Journal of International Accounting, Auditing and Taxation, Vol.10, 2001:71-83
[59]Banker, R. D, G. Potter, and D. Srinivisan. An empirical investigation of an incentive plan that includes nonfinancial performance measures. The Accounting Review, Vol.75,2000:65～92
[60]Ann L. Watkins. Hospital financial ratio classification patterns revisited:Upon considering nonfinancial information. Journal of Accounting and Public Policy, Vol.19,2000:73～95
[61]Behin, B., and R. Riley. Using nonfinancial information to predict financial performance:The case of the U.S. airline industry. Journal of Accounting, Auditing, and Finance, Vol.14,1999:29～56
[62]Foster, G., and M. Gupta. The customer profitability implications of customer satisfaction. Working paper, Stanford University and Washington University.1997:141～159
[63]Ogawa Kazuo, Saito Mitsuo, Tokutsu Ichiro. The Flow-of-Funds Equations of Japanese Nonfinancial Firms. Journal of the Japanese and International Economies, Vol.8,1994:72～105
[64]Joscow, Paul, Nancy Rose, Shepard Andrea. Regulatory Constraints on CEO Compensation, Brookings Papers:Microeconomics, Vol.8,1993:34～35
[2]许毅.基于非财务指标的上市公司财务预警实证研究.财会通讯,2009(27)：48～50
[3]潘飞,张川.市场竞争程度、评价指标与公司业绩.中国会计评论,2008(9)：23～25
[4]杨轶.财务预警研究中非财务指标选择综述与评价.财会通讯,2008(6)：100-101
[5]耿莉萍.财务指标与非财务指标统筹考虑的企业经营者绩效评价模型探讨.中国管理信息化,2008(11)：72～75
[6]毛洪涛,王新.代理理论、经理层行为与管理会计研究.会计研究,2008(9)：47～54
[7]陈华敏.对企业价值管理非财务指标研究的思考.商业时代,2007(1)：72～73
[8]张洽.我国工业企业资信评估体系确定的非财务指标研究.现代经济,2007(9)：1～5
[9]杨华.非财务指标在财务危机预警模型中的应用研究——以*ST公司为例.山东经济,2007(6)：119～122
[10]王冬梅,李娇.论企业绩效评价体系中非财务指标的设计.管理评论,2007(7)：47～51
[11]陈华敏.对企业价值管理非财务指标研究的思考.商业时代,2007(1)：72～73
[12]刘有贵,蒋年云.委托代理理论述评。学术界(双月刊),2006,1(116)：69～78
[13]张川,潘飞,John Robinson.非财务指标与企业财务业绩相关吗——一项基于中国国有企业的实证研究.中国工业经济.2006(11)：99-107
[14]李芳,荆建明.基于价值链将财务与非财务指标相结合综合评价公司业绩.价值工程,2006(9)：42-44
[15]王克敏,姬美光.基于财务与非财务指标的亏损公司财务预警研究——以公司ST为例.财经研究,2006(7)：63-72
[16]吕峻.基于非财务指标的财务困境预测及征兆分析——来自于制造业上市公司的实证研究.中国社会科学院研究生院学报,2006(2)：52-58
[17]周仁俊,喻天舒,杨战兵.公司治理激励机制与业绩评价.会计研究,2005(11)：26-31
[18]曹建安,任海云.企业业绩评价的非财务指标设置管见.财会月刊,2004(08B)：24-25
[19]王化成,刘俊勇.企业业绩评价模式研究——兼论中国企业业绩评价模式选择.管理世界,2004(4)：82-91
[20]张俊瑞,赵进文,张建.高级管理层激励与上市公司经营绩效相关性的实证分析.会计研究,2003(19)：29-34
[21]王化成,刘俊勇.企业业绩评价研究回顾及卡普兰和诺顿的理论贡献.财会通讯,2003(12)：21-23
[22]唐广.评价上市公司价值的非财务指标概述.财会月刊,2003(07A)：30-31
[23]魏刚.高级管理层激励与上市公司经营绩效.经济研究,2000(3)：32-39
[24]秦志敏,陈梦.对国有资本金效绩评价指标的研究.会计研究,2000(9)：61-62
[25]张维迎.企业的企业家——契约理论[M].上海：上海三联书店上海出版社,2001
[26]张维迎.博弈论与信息经济学[M].上海：上海三联书店上海人民出版社,1996
[27]陈华敏.非财务指标的绩效后果研究.[博士学位论文].厦门：厦门大学,2006
[28]李楚华.非财务指标构建方法的研究.[硕士学位论文].北京：对外经济贸易大学,2007
[29]曾峻.企业绩效评价中的非财务指标研究.[硕士学位论文].湖南：湖南大学,2004
[30]Allan Hansen. Nonfinancial performance measures, externalities and target setting:A Comparative case study of resolutions through planning. Management Accounting Research, Vol.21, Issue 1, March 2010:17～39
[31]Joan Luft. Nonfinancial Information and Accounting:A Reconsideration of Benefits and Challenges. Accounting Horizons. Vol.23, No.32009:307～325
[32]Stanley Baiman, Tim Baldenius. Nonfinancial Performance Measures as Coordination Devices. The accounting review, Vol.84, No.2,2009:299～330
[33]Chong M.Lau, Antony Moser. Behavioral Effects of Nonfmancial Performance Measures:The Role of Procedural Fairness. Behavioral research in accounting. Vol.20, No.2,2008:55～71
[34]Michael Gibbs. Discussion of Nonfinancial Performance Measures and Promotion～Based Incentives. Journal of Accounting Research, Vol.46 No.2,2008:333～340
[35]Campbell Dennis. Nonfinancial Performance Measures and Promotion～Based Incentives. Journal of Accounting Research, Vol.46 Issue2,2008:297～332.
[36]Christopher D. Ittner, David F. Larcker. Extending the Boundaries:Nonfinancial Performance Measures. Handbooks of Management Accounting Research, Vol.3,2008:1235～1251
[37]Rajiv D. banker, Raj mashruwala. The moderating role of competition in the relationship between nonfinancial measures and future financial performance. Contemporary Accounting Research, Vol. 24, No.3,2007:763～793
[38]Ya-wen Yang. The Value～Relevance of Nonfinancial Information:The Biotechnology Industry. Advances in Accounting, Vol.23,2007:287～314
[39]Suzanne J. Peterson, Fred Luthans. The Impact of Financial and Nonfinancial Incentives on Business-Unit Outcomes Over Time. Journal of Applied Psychology, Vol.91,2006:156～165
[40]Chee W. chow. Wim A. Van Der Stede. The Use and Usefulness of nonfinancial performance measures. Management Accounting Quarterly, vol.7,2006:1～8
[41]Jan Bouwens, Laurence van Lent. Performance Measure Properties and the Effect of Incentive Contracts. Journal of management accounting research, Vol.18,2006:55～75
[42]Renee B. Adams, Joao A.C. Santos. Identifying the effect of managerial control on firm performance. Journal of Accounting and Economics, vol.41,2006:55～85
[43]Robert J. Bloomfield, Joan L. Luft. Responsibility for Cost Management Hinders Learning to Avoid the Winner's Curse. The accounting review, Vol.81, No.1,2006:29～47
[44]Dipankar Ghosh.Alternative Measures of Managers. Performance, Controllability, and the Outcome Effect. Behavioral research in accounting, Vol.17,2005:55～70
[45]Hassan R. HassabElnaby, Amal A. Said, Benson Wier.The Retention of Nonfinancial Performance Measures in Compensation Contracts. Journal of management accounting research, Vol.17,2005: 23～42
[46]Chong M. Lau, Mahfud Sholihin. Financial and non-financial performance measures:How do they affect job satisfaction? The British Accounting Review, Vol.37, Issue 4, December 2005:389～ 413
[47]Bengt Pramborg. Foreign exchange risk management by Swedish and Korean nonfinancial firms:A comparative survey. Pacific-Basin Finance Journal, Vol.13, Issue 3, June 2005:343～366
[48]Hassan R. Hassab, Elnaby, Amal A. Said. The Retention of Nonfinancial Performance Measures in Compensation Contracts. Journal of Management Accounting Research, Vol.17,2005:23～42
[49]Anthony D. Nikias, Steven Schwartz, Richard A. Young. Optimal Performance Measures with Task Complementarily. Journal of management accounting research, Vol.17,2005:53～73
[50]Rodney E. Smith, William F. Wright. Determinants of Customer Loyalty and Financial Performance. Journal of management accounting research, Vol.16,2004:183～205
[51]Anil Arya, John C., Fellingham, Dongtas A. Sctiroeder. Aggregation and Measurement Errors in Performance Evaluation. Journal of management accounting research, Vol.16,2004:93～105
[52]Lisa Bryant, Denise A. Jones. Managing Value Creation within the Firm:An Examination of Multiple Performance Measures. Journal of management accounting research, Vol.16,2004:107～ 131
[53]Amal A. Said, Hassan R. Hassab Elnaby. An Empirical Investigation of the Performance Consequences of Nonfinancial Measures. Journal of Management Accounting Research, Vol.15, 2003:193～223
[54]Ann L Watkins. A balanced perspective using nonfinancial measures to assess financial performance. Healthcare Financial Management, Vol.11,2003:76～80
[55]Dirk Sliwka. On the use of nonfinancial performance measures in management compensation. Journal of Economics & Management Strategy. Vol.11,2002:487～511
[56]Michael J. Smith. Gaming nonfinancial performance measures. Journal of Management Accounting Research, Vol.14,2002:119～133
[57]Jacqueline L. Reck. The usefulness of financial and nonfinancial performance information in resource allocation decisions. Journal of Accounting and Public Policy, Vol.20,2001:45～71
[58]Sean W. G. Robb, Louise E. Single Marilyn T. Zarzeski. Nonfinancial disclosures across Anglo-American countries. Journal of International Accounting, Auditing and Taxation, Vol.10, 2001:71-83
[59]Banker, R. D, G. Potter, and D. Srinivisan. An empirical investigation of an incentive plan that includes nonfinancial performance measures. The Accounting Review, Vol.75,2000:65～92
[60]Ann L. Watkins. Hospital financial ratio classification patterns revisited:Upon considering nonfinancial information. Journal of Accounting and Public Policy, Vol.19,2000:73～95
[61]Behin, B., and R. Riley. Using nonfinancial information to predict financial performance:The case of the U.S. airline industry. Journal of Accounting, Auditing, and Finance, Vol.14,1999:29～56
[62]Foster, G., and M. Gupta. The customer profitability implications of customer satisfaction. Working paper, Stanford University and Washington University.1997:141～159
[63]Ogawa Kazuo, Saito Mitsuo, Tokutsu Ichiro. The Flow-of-Funds Equations of Japanese Nonfinancial Firms. Journal of the Japanese and International Economies, Vol.8,1994:72～105
[64]Joscow, Paul, Nancy Rose, Shepard Andrea. Regulatory Constraints on CEO Compensation, Brookings Papers:Microeconomics, Vol.8,1993:34～35