全部 标题 作者
关键词 摘要

OALib Journal期刊
ISSN: 2333-9721
费用:99美元

查看量下载量

相关文章

更多...
财贸经济  2014 

银行高管薪酬与系统性风险——基于中国上市银行(2007-2013)的实证研究

, PP. 42-54

Keywords: 高管薪酬,商业银行,系统性风险

Full-Text   Cite this paper   Add to My Lib

Abstract:

不恰当的薪酬激励被公认为金融危机爆发的深层根源之一,优化薪酬结构则是针对性监管政策的关键举措。基于东西方银行薪酬机制差异,本文将银行高管薪酬分解为权力薪酬、激励薪酬及操作薪酬,以2007-2013年上市银行为样本,研究我国银行高管薪酬结构与系统性风险之间的关联。研究发现,银行高管的激励薪酬与系统性风险显著正相关,其传导渠道为期限错配。据此,调整银行高管薪酬结构、强化银行公司治理,应成为纠正不恰当薪酬机制的当务之急。

References

[1]  3.沈志渔、李扬:《后危机时代上市公司高管薪酬制度研究——风险控制的长效激励模式》,《产经评论》2011年第6期。
[2]  4.王宏玮、王飞:《金融机构薪酬机制监管改革的国际进展及其启示》,《银行家》2012年第2期。
[3]  5.周其仁:《“控制权回报”和“企业家控制的企业”——“公有制经济”中企业家人力资本产权的案例研究》,《经济研究》1997年第5期。
[4]  6.Acharya, V., L.H.Pedersen, T.Philippon, and M.Richardson, Measuring Systemic Risk.NYU Working Paper , 2010.
[5]  7.Adrian, T.and M.K.Brunnermeier, CoVaR, Federal Reserve Bank of New York Staff Paper 348, 2011.
[6]  8.Baker, G., Jorgensen, B., Volatility, Noise, and Incentives.Harvard University and Columbia University Working Paper, 2003.
[7]  9.Balachandran, Sudhakar V.and Mohanram, Partha S., Are CEOs Compensated for Value Destroying Growth in Earnings? Review of Accounting Studies, Vol.15, No.3, 2010, pp.545-577.
[8]  10.Battilossi, S., Did Governance Fail Universal Banks? Moral Hazard, Risk Taking, and Banking Crises in Interwar Italy.The Economic History Review, Vol.62, No.s1, 2009, pp.101-134.
[9]  11.Battiston, S.and Delli Gatti, Domenico and Gallegati, Mauro and Greenwald, Bruce C.N.and Stiglitz, Joseph E., Liaisons Dangereuses: Increasing Connectivity, Risk Sharing, and Systemic Risk.NBER Working Paper, No.w15611, 2009.
[10]  12.Bebchuk, L.A., Cohen, A., Spamann, H., Wages of Failure: Executive Compensation at Bear Stearns and Lehman 2000-2008.The Yale Journal on Regulation, Vol.27, 2010, pp.257-282.
[11]  13.Bebchuk, L.A., Grinstein, Y., Peyer, U., Lucky CEOs and Lucky Directors.The Journal of Finance, Vol.65, No.6, 2010, pp.2363-2401.
[12]  14.Bhagat, S., Bolton, B., Bank Executive Compensation and Capital Requirements Reform.Available at SSRN 1781318, 2011.
[13]  15.Brockman, P., Martin, X., Unlu, E., Executive Compensation and the Maturity Structure of Corporate Debt.The Journal of Finance, Vol.65, No.3, 2010, pp.1123-1161.
[14]  16.Caballero, R.J.and Krishnamurthy, A., Collective Risk Management in a Flight to Quality Episode.The Journal of Finance, No.63, 2008, pp.2195-2230.
[15]  17.Chen, C.R., Steiner, T.L., Whyte, A.M., Does Stock Option-based Executive Compensation Induce Risk-taking? An Analysis of the Banking Industry.Journal of Banking & Finance, No.30, 2006, pp.915-945.
[16]  18.Cheng, I.H., Harrison Hong, Scheinkman, J.A., Yesterday's Heroes: Compensation and Creative Risk-taking.Working Paper, 2009.
[17]  19.Cohen, D.A., Dey, A., Lys, T.Z., Real and Accrual-based Earnings Management in the Ppre-and post-Sarbanes-Oxley Periods.The Accounting Review, Vol.83, No.3, 2008, pp.757-787.
[18]  20.DeYoung, R., Peng, E.Y., Yan, M., Executive Compensation and Business Policy Choices at US Commercial Banks.Journal of Financial and Quantitative Analysis, Vol.48, No.1, 2013, pp.165-196.
[19]  21.Diamond, D.W., R.Rajan, The Credit Crisis: Conjectures about Causes and Remedies.NBER Working Paper No.14739, February 2009.
[20]  22.Fahlenbrach, R., and R.M.Stulz, Bank CEO Incentives and the Credit Crisis.Journal of Financial Economics, Vol.99, No.1, 2011, pp.11-26.
[21]  23.Fan, J.P.H., T.J.Wongb,T.Zhang, Institutions and Organizational Structure: The Case of State-Owned Corporate Pyramids.Working Paper, Chinese University of Hong Kong, 2009.
[22]  24.Houston, J., and C.James., CEO Compensation and Bank Risk: Is Compensation in Banking Structured to Promote Risk Taking? Journal of Monetary Economics, No.36, 1995, pp.405-31.
[23]  25.Iyer, R., and Jose-Luis Peydro, Interbank Contagion at Work: Evidence from a Natural Experiment. Review of Financial Studies, No.24, 2011, pp.1337-1377.
[24]  26.Kim, J., L.Li, M.Ma and F.M.Song, CEO Option Compensation, Risk-Taking Incentives, and Systemic Risk in the Banking Industry.Hong Kong Institute for Money Research, Working Paper, No.18/2013.
[25]  27.Levine, R., The Corporate Governance of Banks-A Concise Discussion of Concepts and Evidence.Policy Research Working Paper Series 3404, The World Bank, 2004.
[26]  28.Mehran, H., Morrison, A., and Shapiro, J., Corporate Governance and Banks: What have We Learned from the Financial Crisis?: Hamid Mehran; Alan Morrison; Joel Shapiro (No.502).Staff Report, Federal Reserve Bank of New York, 2011.
[27]  29.Murphy, K., Executive Compensation: Where We Are, and How We Got There.Handbook of the Economics of Finance.Elsevier Science North Holland , 2012.
[28]  30.Ross, S.A., Compensation, Incentives, and the Duality of Risk Aversion and Riskiness.The Journal of Finance, Vol.59, No.1, 2004, pp.207-225.
[29]  31.Scharfstein, D.S., and J.Stein, Herd Behavior and Investment.American Economic Review, Vol.80, No.3, 1990, pp.465-479.
[30]  32.Stein, K., Research Your Profession: The 2002 Dietetics Compensation & Benefits Survey.Journal of the American Dietetic Association, Vol.103, No.12, 2003, p.1588.
[31]  33.Tirole, J., The Theory of Corporate Finance.Princeton University Press, 2010.
[32]  34.Tung, F., Wang, X., Bank CEOs, Inside Debt Compensation, and the Global Financial Crisis, In the 5th Annual Conference on Empirical Legal Studies Paper, March, 2011.
[33]  1.洪正、郭培俊:《努力不足、过度冒险与金融高管薪酬激励》,《经济学(季刊)》2012年第4期。
[34]  2.权小峰、吴世农、文芳:《管理层权力、私有收益与薪酬操纵》,《经济研究》2010年第11期。
[35]  35.Vallascas, F., Hagendorff, J., CEO Bonus Remuneration and Bank Default Risk: Evidence from the U.S.and Europe.Financial Markets, Institutions & Instruments, Vol.22, No.2, 2013, pp.47-89.

Full-Text

comments powered by Disqus

Contact Us

service@oalib.com

QQ:3279437679

WhatsApp +8615387084133

WeChat 1538708413