��й�˾ҵ��ʱ��г��߹�н�꼤��о��Ժ��й�˾Ϊ��

ժҪ ��54�Һ��й�˾2005�ꡫ2010��Ϊ��,ʵ֤��й�˾ҵ��ʱ��г��߹�н�꼤��ƶ��Ч��,��˾ҵ��ʱ��г��ڸ߹�н��ߡ�ֵ��ע��,��й�˾��Ҫ��ݵ��ҵ��ƶ��߹�н��,�ʱ��г��ϵġ��Լ��ȷʵ��ڡ�

	Service

	�ѱ��Ƽ��
	��ҵ��
	��ù��
	Email Alert
	RSS
	��
	��
	��ΰ
	��

�ؼ���� ߹�н�� ˾ҵ�� ʱ��г� ��й�˾

Abstract�� This paper takes six-year panel data of 2005-2010 of 54 listed companies in Hunan as the sample and uses empirical test to fully investigate the performance, capital market characteristics and the executive compensation incentive of listed companies for the development. The empirical results show that performance, capital market performance improvement will help improve executive compensation. It is noteworthy that, listed companies mainly base on the performance of the year to develop executive compensation. The ��hidden incentives�� in the capital market really exists.

Keywords�� Executive Pay Performance Capital Market Listed Company

�ո�� 2013-06-07; �� 2014-06-05;

��:��ѧ��ش��Ŀ(12&ZD049);��ѧ��ص��Ŀ(08AJL008);��ʡ�о��д��Ŀ(CX2011B230)

��߼��: ��(1965- ),��,��,��̶��ѧ��У��,��,��ʿ��ʦ,��Ҫ��䡢��Ȩ��о�;�� ΰ(1985- ),��,��¡��,��̶��ѧ��ѧԺ��ѧ��ʿ�о��,��Ҫ��䡢��˾��о�;�� (1986- ),��,��,��̶��ѧ��ѧԺ��ѧ��ʿ�о��,��Ҫ��о��

��ñ��:

��, ��ΰ, ��.��й�˾ҵ��ʱ��г��߹�н�꼤��о��Ժ��й�˾Ϊ��[J]. ��þ�γ, 2014,3: 90-96

LIU Chang-geng, WANG Wei, XU Ming.The Performance, Characteristics of Capital Market and Executive CompensationIncentive of Listed Companies in China��Taking Listed Company in Hunan Province as An Example[J] Economic Survey, 2014,V31(3): 90-96

��ӱ��:

http://www.jjjw.org/CN/ �� http://www.jjjw.org/CN/Y2014/V31/I3/90

	�¶��,��Ԫ,��.2005.��ҵ�е�н��ְ��[J].��о�(2):92-101.
	��ѧ��.2005.�й��ҵ��м��Ʒ��[J].��о�(7):76-94.
	��.2007.��й�˾�߹ܱ��۷��Ӱ��ʵ֤�о�[M].��:��ÿ�ѧ��.
	��ǿ,��.2007.�߲��н��й�˾ҵ��ʵ֤�о�[J].��о�(1):58-65.
	��־��.2012.��Ͷ��г��Ϊ��[J].֣�ݴ�ѧѧ��(��ѧ��ѧ��)(1):70-76.
	��,��.2011.�ҹ��й�˾�߹�н��뼨Ч��ʵ֤��ո߹�н��[J].��ù��(7):93-96.
	��,��.2002.��й�˾��Ӫ�߱��빫˾��Чʵ֤�о�[J]. ��ѧ��(11):90-93.
	��,��.2003�ڲ��˳ֹ��й�˾��Ч�о�[J].��ü��о�(11):123-126.
	��,��.2006.�߹ܱ��Լ��ʵ֤�о�[J].�ƾ��о�(3):56-63.
	��. 1996.�г��ҵ:һ��ʱ��ͷ��ʱ��ر��Լ[J].��о�(6):71-80.
	AGRAWAL A,WALKING R A.1994.Executive careers and compensation surrounding take over bids[J].Journal of Finance, 49 (3):985-1014.
	CORDEIRO J J,VELIYATH R.2003.Beyond pay for performance: a panel study of the determinants of CEO compensation[J]. American Business Review, 21(1):11-56.
	JENSEN M C, MURPHY K J.1990. Performance pay and top-management incentives[J]. Journal of Political Economy, 98(2):225-264.
	JENSEN M C.1993.The modern industrial revolution, exit, and the failure of internal control systems[J].Journal of Finance,48(3)831-880.
	MEHRAN H. 1995.Executive compensation structure, ownership, and firm performance[J]. Journal of financial economics, 38(2): 163-184.
	SIEGEL P A, HAMBRICK D C. 2005.Pay disparities within top management groups: evidence of harmful effects on performance of high-technology firms[J]. Organization Science, 16(3): 259-274.