【正文】 t + dj 180。布魯斯和巴克（1996）使用1990年60家大公司的FTSE100指數(shù)進行研究，他們發(fā)現(xiàn)，當以包括期權(quán)的價值作為薪酬時，管理人員的薪酬與業(yè)績關(guān)系表現(xiàn)還是比較敏感的。 這個假設(shè)的結(jié)果是通過CEO輪換制來實現(xiàn)的：如果在任期間業(yè)績表現(xiàn)良好，那么應(yīng)該得到相應(yīng)回報，反之亦然，不管其他原因，公司業(yè)績差將直接導(dǎo)致首席執(zhí)行官的更換。 f162。本文以大量的工作理論為基礎(chǔ)，夠建了實證分析的框架。1 引言在英國，高級管理人員的工資上漲已經(jīng)引起社會公眾的輿論，同時也引起了其他國家的關(guān)注。而在對這個問題上，真正的關(guān)注點不在于薪金水平的高低，而是他們未能反映薪酬與業(yè)績之間的關(guān)系。 企業(yè)規(guī)模與高管薪酬之間的關(guān)系從CEO是公司的最高管理員的角度講，羅森（1990）從高管經(jīng)營業(yè)績水平較低的實證研究中表明了高管的薪酬與組織規(guī)模大小的緊密關(guān)聯(lián)性。1 0, f162。換言之，CEO將面臨被解雇的威脅（見詹森，墨菲 1990。附件2:外文原文(復(fù)印件)Does the Market for Top Executives Work ?CEO Pay and Turnover in Small . CompaniesMartin J. ConyonDaphne NicolitsasABSTRACT. This paper presents the results of our investigation into the operation of the managerial labour market in small and medium sized manufacturing panies. Using a sample of some 40 or so panies we study the sensitivity of managerial pay and tenure to pany performance. Managerial pay in this type of firms is much lower than the six digit figures quoted for large public panies and CEO turnover is much higher than we expected. We find some evidence to suggest that pay in small panies is sensitive to sales growth and that CEO tenure in public panies responds to the growth in sales.1. IntroductionThe soaring pay of top executives has caused a public outcry in Britain, and rumblings of discontent in other countries. The real problem is not the level of salaries, but their failure to reflect performance. The Economist Newspaper, 3 June 1995 (Our emphasis added)Within the context of a market environment an upward trend in pay could be justified either by an upward shift of the labour demand curve with a constant labour supply curve, or by a shift to the left of the labour supply curve. The supply of suitably qualified managers has probably increased given the proliferation of management training and Business School courses. So the labour supply curve is likely to have shifted tothe right. Thus at least within a certain wage range there is an increase in the number of managers willing to do the job. For the demand curve to have shifted upwards the marginal product of managers must have increased。 t + uit (4)where: ai represents firmspecific unobservable fixed effects。2 ? 0 (3)The idea is that the state of nature affects all firms and thus differences in relative performance reveal information about the manager’s effort. The issue is more plicated, however, since although it is not possible for a single firm to influence the macroeconomic environment, the level of exposure to different adverse shocks is a management decision. The design of the payment scheme should thus achieve the optimal tradeoff between risk and motivation.In the empirical analysis the interest is in identifying the relationship between pay and performance by estimating equations of the ln Wit = ai + b1 1n vi, t – 1 + b2 1n xi, t – 1+ gt 180。在上述研究中存在著的一個不足之處就是：在表明業(yè)績向下的關(guān)系時，可能是因為董事?lián)蜟EO時股票期權(quán)是不算在薪酬尺度之內(nèi)引起的，這就說明存在著薪酬的偏置區(qū)間。進一步來說，是所有者可以通過評價CEO在過去所作出的業(yè)績來進行管理。 0