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以2001年至2006年间的中国家用电器行业上市公司为样本,运用随机前沿模型从内外部两方面实证分析了管理层激励对公司效率的影响.首先,估计结果未能证实管理层持股显著有利于公司效率.其次,估计结果发现管理层薪酬与公司效率之间存在积极显著的联系.这表明现阶段我国家用电器行业中,正式化薪酬比持股具有更好的实际激励效果.最后,在外部激励中,来自于资本市场和产品市场这两种外部压力都显著有利于于公司效率增进;其中,资本市场压力的激励效果相对明显一些.
Taking the Chinese home appliance industry listed companies from 2001 to 2006 as a sample, we use the stochastic frontier model to analyze the impact of management incentives on the company efficiency from both the internal and external aspects.First, the estimation results failed to confirm that the management ownership is significant Which will benefit the company’s efficiency.Secondly, the result of the estimation shows that there is a positive and significant relationship between management’s remuneration and the company’s efficiency.This indicates that the formalized remuneration in our country’s household appliance industry has a better practical incentive effect than the shareholding at the present stage.Finally, External incentives, external pressure from the capital markets and product markets are both significantly contribute to the company’s efficiency; Among them, the incentive effect of capital market pressures is relatively obvious.