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现代管家理论认为,经理人对自身尊严、信仰以及内在工作满足的追求,会促使他们努力经营公司,成为公司资产的好“管家”;两职合一和内部董事制度,有利于形成一元的治理结构,提高决策效率,强化经理人的潜在自我激励机制,并不会导致经理人薪酬的失控。在中国制度背景下,经理人可能利用两职合一和内部董事主导地位给自己加薪谋求私利,也可能通过自我激励成为公司的好管家,实证研究表明,在高管薪酬特征方面,中国制造业上市公司经理人的行为更倾向于现代管家理论的解释。
According to modern stewardship theory, managers’ pursuit of their own dignity, belief and inner job satisfaction will force them to run the company hard and become a good “steward” of the company’s assets. The combination of the two posts and the system of internal directors are favorable to the formation of a dollar Governance structure, improve the efficiency of decision-making, and strengthen the manager’s potential self-incentive mechanism, and will not lead to the loss of manager’s salary. Under the institutional background of China, managers may take advantage of the combination of two positions and internal directors to raise their salaries for personal gain, or they may become good stewards of the company through self-motivation. Empirical studies show that in the aspect of executive compensation characteristics, The behavior of listed companies managers tend to explain the theory of modern stewardship.