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引言二十多年来的中国国有企业公司化改革,是一场渐进式的市场化朝向的制度变迁史,国企逐渐实现“所有权与经营权”的相对分离,形成了现代企业的委托一代理关系:国家股东作为委托人,将企业经营权委托给高级管理者(下称高管);高管作为代理人承担企业经营的责任。在此结构中,作为代理人,高管的基本利益在于获得薪酬激励,但长期以来高管薪酬的制度设计与实施的市场化改革滞后于国企整体的市场化改革。一个基本共识是,国企要想建立有效的现代企业制度,必须依委托一代理理论中的利益驱动与制衡原理构建有效的市场化
Introduction The corporatization of Chinese state-owned enterprises over the past two decades is a gradual history of institutional changes in the direction of marketization. State-owned enterprises gradually realize the separation of ownership and management rights, forming a mandate for modern enterprises. Agency relations: As a trustee, the national shareholder delegates the right to operate the business to the senior manager (hereinafter referred to as the senior management); the senior management assumes the responsibility of the business as the agent. In this structure, as an agent, the basic interest of senior executives is to obtain incentives for compensation. However, for a long time, the market-oriented reform of the system design and implementation of executive compensation lags behind the market-oriented reform of state-owned enterprises. A basic consensus is that if SOEs want to establish an effective modern enterprise system, they must establish an effective marketization based on the principle of profit-driven and balancing in the principal-agent theory.