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报酬契约是所有者激励经营者努力工作的基本方法,其传统做法是将经营者报酬与企业业绩进行直接挂钩,而企业业绩产出本身具有多源性特点——除来自经营者的个人努力外,还与行业结构、资源特征与经营者能力等显著相关。基于上述观点,本文引入了横纵向两维度的相对业绩与经营者能力变量,重构报酬契约模型,并运用委托代理理论进行约束条件下的求解,分析出的结论对企业集团完善报酬契约的设计具有现实借鉴意义。
The remuneration contract is the basic method by which the owner motivates the manager to work hard. The traditional method is to directly link the manager’s remuneration with the performance of the enterprise, and the enterprise’s performance and output itself has the characteristics of multi-source - in addition to the personal effort from the manager , But also significantly related to industry structure, resource characteristics and operator capabilities. Based on the above viewpoints, this paper introduces the horizontal and vertical two-dimensional relative performance and entrepreneurial capability variables, remuneration contract model and the use of principal-agent theory to solve the constraints, the conclusion of the analysis of the corporate group to improve the design of reward contract It has practical significance.