经理人激励契约:市场业绩基础与会计业绩基础的融合

通过深入分析了经理人报酬契约应将市场业绩基础和会计业绩基础相融观点,构建了由市场增加值和经济增加值为业绩指标的经理人激励报酬模型。该模型既有利于克服长期以来经理人报酬契约单纯依靠会计业绩基础所带来的盈余操纵问题,也避免了单纯依靠市场业绩基础时因市场有效性不足而扭曲经理人业绩的问题。

The Excutive Incentive Contract: The Combination of Market Basis and Accounting Basis Performance

This thesis makes deep analysis on the viewpoints that the managers' compensation's contract should be combined with the market achievement and accounting record,which has constructed an incentive compensation modal based on the increase in market value as the manager's achievement index.As a consult,this modal is quite usful for solving the problem of earning manipulation,brought by the manager's compensation merely depends on accounting record.Additionally it avoids the troubling problem that the lack of effect brought by the manager's compensation's contract merely depends on market performance.