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资料包括: 论文(5页5653字)
说明:摘 要 论文对经理股权报酬和非股权报酬的优化组合激励问题进行了探讨。通过分析建立了组合激励的两阶段搏弈模型,通过搏弈分析和优化分析得到了经理最优薪资报酬组合和最优股权配置比例。结合构成股权配置比例的各参数的含义,探讨了它们的变化对最优股权配置比例的影响,指出了经理股权配置比例设计工作中应该注意的一些问题。
关键词 股权,薪资,组合,激励,搏弈
Research Optimum Share Ownership in a Manager’ Salary
Abstract In this paper, we study a manager’s optimum constitute incentive of share ownership’s salary and non-share ownership’s salary. We establish a two-stage model of game in combination of incentive through analysis. We get the optimum combination of salary and optimum share ownership using game’ analysis and optimum research. We analyze the influence of reference number to the excellent combination. We point out some problems that would notice in designing a manager’s optimum share ownership.
Key word share; salary; combination; incentive; game
目录:1 组合激励模型
2 分析与讨论
3 结论
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作者点评:由于公司股权进入了经理的效用函数,因此股东财富最大化也成为经理追求的目标之一,只要股权报酬量与非股权报酬量组合适当,则股东财富最大化可以成为经理追求的主要目标,这样,公司的所有者和经理在追求的目标中具有一定的一致性,这就会在一定的程度上克服公司治理中委托-代理问题。公司的所有者对经理的最优股权配置比例在双方的搏弈均衡处产生,它们能够使所有者和经理的效用同时达到最大化,因而股权报酬激励是有效的,股权配置比例也是优化的。论文还结合构成最优股权配置比例各参数的具体含义,探讨了各参数的变化对经理薪资报酬中最优股权配置的影响,指出了股权激励机制中经理最优股权配置工作中应该注意的一些问题。