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从世界经验看,高管薪酬越来越倾向于对人力资本投资回报的重视,我国有些国有上市公司已经通过年薪制中加入利润分成的方式对此有所体现,然而,我国绝大多数国有企业,尤其是中央企业还没有做到这一点。我国中央企业实施经营者年薪制存在两个重大误区:一是在理论上央企年薪制难以与普通报酬区分开;二是在实践上央企年薪不应记入会计成本。而产生这种误区的根源在于对委托代理关系的本质认识不清。基于此,以“要素相对重要性”为理论基础可能更为合理。
From the experience of the world, executive pay more and more tend to pay attention to the return on investment of human capital. Some state-owned listed companies in our country have reflected this by way of profit sharing in the annual salary system. However, most of the state-owned enterprises , Especially the central enterprises have not yet done so. There are two major misunderstandings in the annual salary system for the implementation of the central enterprises in our country: First, it is difficult to distinguish the annual remuneration of the central enterprises from the general remuneration in theory; second, in the practice, the annual remuneration of the central enterprises should not be charged to the accounting costs. The root cause of this misunderstanding lies in the unclear understanding of the nature of the principal-agent relationship. Based on this, it may be more reasonable to base on the relative importance of elements.