Research on Managerial Incentive Mechanisms

Author: Xia Tian
Publisher:
Publish Date: 2006-12-01
Features: This book proposes relevant theoretical hypotheses and conducts empirical research on Chinese listed companies to test them, thereby concluding that the insignificant effectiveness of executive compensation incentives in Chinese listed companies is mainly due to the failure to consider the incentive effects of stakeholders. The research value of this book is primarily reflected in the following aspects: (1) Unlike shareholder value-oriented principal-agent theory, the research on stakeholder value-oriented relational governance theory is still in its early stages in China. This book, with the help of theories and methods from information economics, considers incentive compatibility constraints and participation constraints in mechanism design, and conducts a relatively comprehensive study on this issue through normative analysis, filling the gap in theoretical research in China. (2) Whether stakeholders affect corporate value and managers' decisions has always been a major topic of research in corporate governance, which relates to the effectiveness of stakeholder governance and its application in corporate strategy. While drawing on foreign empirical research methods, the author fully considers the research background, application conditions, and limitations of these methods, combines the realities of corporate governance in Chinese listed companies, designs a research plan that fits the characteristics of China's current transition economy, and proposes a new research perspective on such issues. The book is well-structured, logically clear, methodologically sound, rigorously argued, well-supported by evidence, and fluently written, making it highly academic in value. Its conclusions offer certain theoretical guidance for practical issues in China.
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