上市公司高阶经理人之薪资结构

*+*414450Tel[phone]Fax[phone]E–[e-mail]+Tel[phone]ext2970E–[e-mail]1*+*Tel[phone]Fax[phone].E–[e-mail]+Tel[phone]ext2970E–[e-mail]21342GibbonsMurphy(1990)RPEJanakiramanetal.(1992)AggarwalSamwick(1999a)RPE5””3Rosen(1982)SmithWatts(1992)58584858584858566281210331.9282071083848585838485$80,937$87,394$30314$31,285$30,314*12=$363,768$31,285*12=$37,5420$375,420*3.94%=$39,0061.44.68%3.2%(3.2+4.68)/2=3.94%7””1)1(3651-+∏=ttR””12Murphy,1998,1997,19981314””158εβα++=XWlnWXεθβγα+×+++=)(lnDummyXXDummyW16171.””;2.18994404040409Dummy1810()εββα+×++=IXXW21ln””””19Kothari(1992)1.2.3.4.100%201.92152.1%211891211””1213””””””””””“”“”“”“”“”“”“”“”“”“”“14”“”“”“”“”“”“”“”“”“”“”“”“”“”“”“”“15”“”“”“”“”“”“”“”“”“”161718εβα++=-1lnttXW19()εββα+×++=IXXW21ln20εθβγα+×+++=)(lnDummyXXDummyWDummy212223