經(jīng)濟附加值與高管薪酬的實證研究【外文翻譯】_第1頁
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1、本科畢業(yè)設計（論文）文獻綜述原文二：原文二：AnEmpiricalInvestigationofEVAExecutiveCompensationABSTRACTDespiteagrowingliteraturetherelationshipbetweenthestructureofexecutivecompensationfirmperfmanceisnotfullyunderstood.Furthermelittlewkhasbeen

2、doneonthelinkbetweenEconomicValueAddedasameasureoffirmperfmancethefmofexecutivecompensation.Anexaminationofthecompensationstructureeconomicvalueaddedof209companiesin1995–1998providesevidencesupptingincentivecompensation.

3、EconomicValueAddedisfoundtobepositivelysignificantlyrelatedtoincentivebasedcompensation.CashbasedremunerationwasfoundtobeunrelatedtoEVAperfmance.1.0INTRODUCTIONTheobjectiveofthispaperistoevaluatethealignmentofEVAwithmana

4、gementpayincentivesinanagencytheycontext.Agencytheyhasbeenwidelyappliedtothestudyofexecutivecompensationinanendeavtoestablishwhetherexecutiverewardsarebeingsetinamannerconsistentwiththethey.Thetheypositsthatthesensitivit

5、yofexecutivepaytofirmperfmancewillbedependentuponrisksharingconsiderationsthelevelofmonitingoftheexecutivebytheownersthedegreetowhichtheirrespectiveincentivesarealigned.DespiteextensivestudyFinklesteinHambrick(1996p.285)

6、suggestthat‘insumasignificantgapseemstoexistbetweeneconomicpredictionsoftheconsequencesofexecutivecompensationactualempiricalresults.’ResultsfmodelsofCEOincentivestobothmarketaccountingreturnmeasureshaveproducedonlysmall

7、explanatypower(Rosen1990).ThisstudybroadenspriresearchintheareaofexecutivecompensationbyusingEVAasameasureofvaluedeliveredtoshareholdersreptingitsperfmanceintheabsenceofregulationtaxeffects－supptstheuseofaccountingmeasur

8、esofearnings.Thatisthealmostuniversaluseofthismeasureincompensationcontractssuggestthatitisthemostefficientavailable.Jarrell(1993p.80)furtherarguesthattheuseofaprofitmeasure‘shieldsexecutivecompensationfrommarketwidefluc

9、tuationsinequityvaluesthatarenotcausedbyexpectedchangesinfundamentals’.ThisviewissupptedbyJarrellDonkey(1992)Sloan(1991)whobothfindstrongcrelationsbetweenaccountingreturnsmarketbasedreturns.Thefmerdiscoveredastrongerrela

10、tionshipbetweenaccountingreturnsmarketreturnsofindividualcompaniesthanthemarketreturnsofacompanythemarketindexoverafiveyearperiod.EVAprovidesapotentialalternativemeasureofperfmancethatgoesbeyondthetraditionalmarketaccoun

11、tingmeasures(albeitrootedinthem)mentionedabove.Ittherefeprovidestheopptunitytoexpourknowledgeofthedeterminantsofexecutivepay.AnumberofstudiesattesttotheefficacyofEVAasameasureofcompanyperfmance.Talley(1999)summarizesastu

12、dythatrevealssuperistockmarketperfmanceofcompanieswhichhaveadoptedEVAcomparedtocompetitsusingothervaluationmethods.ThestudyconductedbySternStewartcomprisedof67publiclyownedUSEVAclientswerecomparedtotenfirmswithsimilarSta

13、rdIndustrialClassificationIndex(SIC)codesoverafiveyearperiod.ThefindingssuggestthatEVAadoptingcompaniesconsistentlyoutperfmedtheircompetitsintermsoftotalreturnstoshareholders.ChenDodd(1997)comparedEVAtotraditionalaccount

14、ingmeasuresofvaluationEPSROEROA.AregressionmodelofbothEVAaccountingvariablesrevealedthatEVAcontainedsignificantinfmationbeyondtraditionalaccountingmeasures.ResearchbyLeanMakita(1997)on452firmsftheperiod1985–1994comparedR

15、OAROEROS(returnonsales)RET(stockperfmance)EVAMVA.AmongtheirfindingswerethatstockreturnsEVAhadacrelationcoefficientof.59.OtheraccountingmeasuresROEROAROShadcoefficientsof.46.46.39respectivelyindicatingastrongercrelationbe

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