美国企业现行股票期权计划存在的问题与争论

90年代以后,由于美国的股票市场、税收政策以及会计准则等都有力地促进了股票期权计划的发展,使股票期权在激励经理人员以及协调经营者与股东之间的利益关系等方面都发挥了良好的作用。但是,这一计划的实施并不完美,在实践中也暴露出许多不可忽视的问题,如经理人员的报酬与公司业绩脱节、激励作用弱化、股东利益受到损害等等,这些问题在西方引起广泛的关注与争论,同时对我国的公司治理也有一定借鉴与启示。     

基于多元logit模型的国有企业高管更换决策机理研究

 内容提要：本文以1997-2008年间300家国有控股上市公司为例,采用多元logit模型考察了政府控制下的高管更换决策机理及其经济后果。研究发现,在政府控制的情况下,高管非升迁更换确实与公司业绩之间存在显著的负相关关系,但升迁更换与公司业绩之间并不存在显著的正相关关系。此外,在业绩相同的情况下,有政府背景的高管比较容易获得升迁,在控股股东中地位较高或具有人大、政协等政治资格的高管则不太容易发生非升迁更换。从市场反应来看,政府控制下的这种高管更换机制往往得不到市场的积极认可。     

Managerial Influences on Intraorganizational Information Technology Use: A Principal-Agent Model

Our current understanding of information technology (IT) usage does not explain why and how managers can influence organizational members to use a new IT. Drawing on principal-agent research, this paper develops and tests a model of intraorganizational IT usage that addresses this important issue. Managerial incentives and control are examined as important components of managerial influences, which are linked to IT usage via a principal-agent model (PAM). Seven research hypotheses are generated from this model and empirically tested using a laboratory experiment. Results of the study indicate that managers can promote IT usage within organizations by designing appropriate incentives and control structures such as monitoring and multiple-period contracts. However, the effectiveness of these structures will depend on potential users' ability to distinguish between various forms of incentives and control.     

Haste makes waste: Political entrepreneur’s rent-seeking choices in anti-corruption campaign

This paper provides firm-level empirical evidence of the policy effects of China’s anticorruption campaign on SOE (state-owned enterprise) entrepreneur behaviour and corporate governance. While conflicts between corruption monitoring and performance of SOEs do exist, the 2012 anticorruption movement has profoundly changed Chinese political entrepreneurs’ power choice and accountability for SOE corporate governance. Specifically, this paper shows that the anticorruption measures have effectively reduced the sum of perks but aroused excessive asset extraction. When perk consumption has been seriously curtailed by the anticorruption rules, SOE executives’ reversed expectation precipitates their opportunistic activities in SOE’s tangible asset management and undermines SOE’s long-term corporate value.     

Equity‐Based Incentives and Supply Chain Buy‐Back Contracts*

We analyze the effect of equity‐based incentives in a supply chain with a downstream firm and an upstream supplier. By using the operational decision as a signal to influence external investors’ beliefs, the downstream firm's manager intends to maximize a convex combination of the interim share price and the terminal cash flows. We show that equity‐based incentives create a side effect. Specifically, with a universal buy‐back contract, the deadweight loss of signaling induced by equity‐based incentives could spread throughout the supply chain and cause chain‐wide damages. To mitigate such undesirable consequences, we propose a new mechanism to eliminate the inefficiency. We derive the optimal mechanism that maximizes the downstream firm's profits subject to the constraint that the supply chain efficiency is not undermined. In contrast to the full‐information benchmark, this mechanism gives positive surplus to the supplier. [Submitted: January 5, 2011. Revisions received: June 20, 2011; December 11, 2011. Accepted: December 22, 2011.]     

‘Management Standards’ work-related stress in the UK: practical development

Research commissioned for the UK's Health & Safety Executive (HSE) supports the view that a preventative, risk-assessment based approach would be more effective than case-based methods in achieving a nationwide reduction in work-related stress. The background to this approach is described and discussed in a companion paper in this issue (Mackay, Cousins, Kelly, Lee, & McCaig, ). The present paper describes the development of HSE's new stress Management Standards—which offer organizations continuous improvement through a three-phase stress preventative process—and the development of a supporting ‘Indicator Tool’ (a two-phase questionnaire to assess employee perceptions of working conditions). The Management Standards comprise a series of ‘states to be achieved’, which are statements of good practice in six key stressor areas: demands, control, support, relationships, role and organizational change. For each stressor area there is also a ‘platform statement’ that outlines the main aims to be achieved by the organization. This statement may include a target percentage of employees finding that the organization meets the standard: this matter will be settled after the standards have been assessed in a public consultation campaign. To use the new process, an organization's state can first be assessed using the Indicator Tool; liaising with workers in focus groups enables a further exploration of issues raised; finally, there may be formulation of interventions and subsequent review. It is not intended that the standards will be legally enforceable. HSE's aim is that they and the associated methodology will enable organizations to effectively tackle work-related stress, and subsequently reduce both its incidence and prevalence.     

论克里斯玛、职业激励与国家运动

在合法性压力下由官员任期引发的中国运动型治理是制度性与周期性的。基于连任或晋升激励的官员借助垂直化管理,使得国家运动成为常态。中国权威治理基础经历了从个人的克里斯玛到组织的克里斯玛的转变。组织的克里斯玛通过对岗位任职条件的特定描述并以官员个体的形式表现出来。官员因其职业激励选择出任阶段为最佳时机,通过对上级负责与掌控科层制的便利,以达成超常绩效,推动局部性的国家运动谋求为连任或晋升,进而形成以任期为周期的国家运动趋于常态,同时也引发了新的忧虑。     

A Joined-up Approach to User Participation in Public Services: Strengthening the "Participation Chain"

Participation has emerged as a key theme for social policy and administration in the UK. Public service providers are often keen to consult users, and users themselves want to make their voices heard. Despite this, however, there is a perennial problem in getting people to participate, and participation is often better supported in principle than in practice. The motivations of key actors are crucial, but are often poorly understood. This article attempts to build a more detailed understanding of the motivations to participate of one key group: service users. Using Mutual Incentives Theory, it shows the extent to which users are motivated by individualistic or collectivistic concerns. These “demand side” factors are then combined with others on the “supply side” in a model we call the “participation chain”. This model provides a systematic framework for understanding what makes public service users participate, and seeks to demonstrate that, while the question of participation requires a combination of answers, it is a combination that can be predicted, planned for and acted upon.     

外交政策制定中的美国国内政治学

罗伯特·帕特南的“双层次博弈”理论认为,在有关国际谈判时国内与国际因素互动的过程中,影响第二层次“博弈”的因素有多个。本文将重点考察的是,在国际谈判以达成合作协议过程中,美国行政当局和国会的不同作用以及他们之间的相互制约。     

股票期权的法律与会计约束——伊利事件的启示

经理人股票期权是当前最有争议的问题之一,凸显了管理层与股东之间利益冲突。由于理论上计量管理层贡献的困难,法律对此的回应是一种程序导向的控制方式。同时,会计准则通过股票期权费用化,对管理层形成间接约束。伊利股票期权事件表明,法律与会计的单独运作都难以对管理层自利行为构成有效约束。特别是,法律的程序导向不仅产生形式主义流弊,甚至以合法的名义消解了会计准则本可实现的间接约束。为此,有必要把法律与会计二者的控制功能有机结合起来,以实现对经理人股票期权的有效约束。