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 listed companies in China to test them, concluding that the effectiveness of executive compensation incentives for listed companies in China is not significant, primarily 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 relationship governance theory oriented toward stakeholder value 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 managerial decisions has always been a major topic of research in corporate governance, which is related 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, designs a research plan that fits the characteristics of China's current transition economy, and proposes new research perspectives on such issues. The book is well-structured, logically clear, methodologically sound, rigorously argued, well-supported by evidence, and written in fluent language, making it highly academically valuable. Its conclusions offer certain theoretical guidance for practical issues in China.