管理层激励对公司效率影响的随机前沿分析

200899:100026788(2008)09200012091,2(11,100083;21,100084):20012006,.,.,.,.,,;,.:;;:F406:AThestochasticfrontieranalysisonmanagerialincentivesandfirmefficiencyHEFeng1,CHENRong2(11SchoolofEconomicsandManagement,UniversityofScience&TechnologyBeijing,Beijing100083,China;21SchoolofEconomicsandManagement,TsinghuaUniversity,Beijing100084,China)Abstract:TheauthorssetupastochasticfrontiermodeltomakeanempiricalstudyonthenexusbetweenmanagerialincentivesandfirmefficiencyinChinesehouseholdelectricityapplianceindustryfrom2001to2006.Firstly,thispapertheatricallydiscussestwotypesofincentivewayandtheirrolestofirmefficiency,oneisinternalincentivethatincludesthemanagerialstockholdingandmanagerialaveragewage,andtheotherisexternalincentivethatincludescapitalmarketpressureandproductmarketpressure.Secondly,basingonthesampleoflistedcompany,theestimatescannottestifythatmanagerialstockholdingwillplayapositiveandsignificantroletofirmefficiency,butthemanagerialaveragewagecanpromotefirmefficiencysignificantlyandpositively.Comparedwithstock,ourestimatesthereforeshowthatthecashincentivehasrelativelybetterincentiveinfact.Thirdly,onthetwotypesofexternalincentives,ourestimatesindicatethatbothcapitalmarketpressureandproductmarketpressurecanpromotefirmefficiencytogrowpositivelyandsignificantly;furthermore,itlooksthattheformercandisciplinemanagerteamoflistedcompanymorethanthelatterinChinesehouseholdelectricityapplianceindustry.Keywords:firmefficiency;managementincentives;stochasticfrontieranalysis:2006208230:(70502003,70632003,70802007);422:(1975-),(),,,;(1976-),(),,.1Berle&Means(1932):,[1].,Jensen&Meckling(1976),[2].,(M«rcketal,1988;Agrawal&Knoeber,1996;Himmellbergetal,1999)[35].,,,.,().,McGuire,Chiu&Elbeing(1962)Ciscell&Carrol(1980),,[6,7].Murphy(1985),[8].Murphy(1986),[9].,Abowd(1990),Jensen&Murphy(1990),,[10,11].,,.Wright(2003),[12].Young&Pagan(2003),;,,[13].Habib&Ljungqvist(2005),,[14].2090,,,,[1520].,,(1999)(2000)(2000)(2001)(2006)(2007),[2126].,(2002)(2003)(2003)[2729].,,.,,.,,Q;,.,[3133].,[3440];,.,,,,20012006,.2,..,,.,,.,.,,;,.,(DEA);(SFA).SFA2070,Meeusen&Broeck(1977)Aigner,Lovell,andSchmidt(1977)Battese&Corra(1977)[4143].2090,SFA,,.,Battese&Coelli(1995)[44].,SFA.,?,,?SFA,.,SFA,.220089[14].Battese&Coelli(1995):Yit=Xit+(Vit-Uit),i=1,,N;t=1,,T(1)mit=zit(2)(1),Yitit,Xitit(k1);.VitiidN(0,V2),Uit;Uit,N(mit,U2).Uitti.Battese&Coelli(1995),TEit=exp(-Uit)it.,Uit=0,TEit=1,;,Uit0,0TEit1,.(2),zit(p1),(1p).Battese&Coelli(1995),=2u2v+2uSFA.,=0]2u0,(1)Vit,LS(Least2squareregression);,SFA.Battese&Coelli(1995),:ln(Yit)=0+1lnKit+2Lit+3Size+4Leverageit+(Vit-Uit)(3)mit=0+1stockholdingsit+2(stockholdingsit)2+3paymentit+4capitalmarketperssureit+5productmarketpressureit+it(4)(3),Y;K;L;Size,;Leverage,.(4),.,,.,,HabibandLjungqvist(2005),.,.,,(),.,.:Stockholdings.,.,,.,.,,.,,.,,,,,.,,,,.,,,.Payment.(),.2001,,.,,.,.,20012006,3,20;,(39)25,..,,.,,.,.Capitalmarketpressure.HabibandLjungqvist(2005),19921997[14].,.,;.,.(50%);,.,20012006,37%,46%.,.,,,,.,2005,,.,.,.Productmarketpressure..,,,.2000,,.,.20012006,,()5%.,,.,,[14].,.3311,,,.,.,2006,()30,,.,.,:,,;,,.,SFA;,.,20012006,.,.,2001200631.31168.(unbalancepaneldata).,SFA420089,.,20012006.3121)(3),,:Y(:RMB);K(:RMB);L(:).Size,(:RMB);Leverage(P).2)(4),:Stockholdings,().().,,.Payment.().:.,.,,();,,,.Capitalmarketpressure.();2006.,.Productmarketpressure..,.313120012006(1).1(20012006)(RMB)1708.5813.70.01477.2(RMB)17646.861.91.75488.2(RMB)1766.006.460.4628.20()17378931164844165506(%)17556.4229.583.15199.16(%)1684.3912.44056.04(P)17319.4818.711.6136.6(%)16845.4716.283.7587.80(%)16823.3163.17-88.90649.171,,.,2500;4006;10080;2.4,Froniter4112001200659.,(2).2(1)(2)(3)16.581.0033317.661.1733316.751.09333ln()0.150.1630.270.12330.160.113ln()0.140.043330.110.043330.150.043330.150.043330.070.0430.130.04333-0.020.0133-0.010.013-0.010.013-5.342.4533-6.481.91333-2.822.580.400.313330.270.13330.040.02330.040.023-1.220.51333-0.620.313-0.370.14333-0.180.04333-0.020.01333-0.010.0133y0.720.073330.720.083330.750.06333-368.63-375.75-367.76LR43.9233339.833345.973330.4690.4800.452:3,33,33310%,5%1%;LR.(1);(2);(3).2:,;,;.2,:,2,0170,1%.Battese&Coelli(1995),,;SFA.2,,20012006,015.,,;,,.,,.,.,LR,1%,.,.(1)(3),.,.,.,,;,.,,.,.(1)(3),,620089.,,.,.,20012006,101714132113251027162418;,50%1.,,,,.20012006,.,.(2)(3),.,20012006,53%;,2006,11,20.,,,,.,,,.,,ST.,,.,.,,.,2.,.,,.,.80,,,,.,;,.2(2)(3)..,,.5.,.,.,;,.,,.,,,.,.,,.,,;,.:[1]Berle,AdolfA,GardinerC.Means.TheModernCorporationandPrivateProperty[M].NewYork,TheMcMillanCompany,1932.[2]JensenM,MecklingW.Theoryofthefirm:Managerialbehavior,agencycostandownershipstructure[J].JournalofFinancial79Economics,1976(3):305-360.[3]M«rckR,ShleiferA,VishnyRW.Managementownershipandmarketvaluation[J].JournalofFinancialEconomics,1988(20):293-315.[4]AgrawalA,KnoeberCR.Firmperformanceandmechanismstocontrolagencyproblemsetweenmanagersandshareholders[J].JournalofFinancialandQuantitativeAnalysis,1996(31):377-397.[5]HimmellbergCP,HubbardRG,PaliaD.Understandingthedeterminantsofmanagerialownershipandthelinkbetweenownershipandperformance[J].J