The Research Of Perks,Managerial Ability And Enterprise Performance

At present,domestic and foreign scholars' research on the impact of perks on enterprise performance mainly focuses on the agent view or the efficiency view.Are these two views completely opposite?Under what circumstances will the agent view be formed,and what circumstances will the view of efficiency be formed?What are the influencing factors between perks and enterprise performance?And does currency salary affect perks?There is still no definite conclusion.Meanwhile,in recent years the excessive expansion of managerial power has also been receiving attention from researchers.Managerial power theory holds that managers have motivation of using power to rent-seeking and abuse perks.Under the influence of the reputation mechanism,managers with stronger ability won't tend to satisfy self-interest through perks but pay more attention to their careers and obtain competitive compensation in professional manager market with good reputation.Zhang Weiying(2005)holds that if managers pay more attention to their reputation,then the lower demand for salary.Therefore,to improve reputation,can managers be self-restraint,can they inhibit perks by their ability,and thus affect enterprise performance?These questions make it very significance to research the relationship between perks and enterprise performance from a perspective of managerial ability.By measurement of perks,enterprise performance and managerial ability,this paper analyzes the relationship between perks and enterprise performance from a perspective of managerial ability,based on input-output efficiency theory,principal-agent theory and reputation mechanism.This paper selects the relevant data of perks,corporate performance and managerial capacity of Shanghai-Shenzhen A-share listed companies in 2010-2017 as a sample of empirical research,and draws lessons from the DEA-tobit model proposed by Demerjian et al.(2012)to construct managerial capability indicator.Using the fixed-effects model to study the impact of perks on firm performance from the perspective of managerial competence.The study found that perks of the firm on the whole shows an obv:ious agent view,in addition,managerial ability and perks showed a significant negaltive relevance,it shows that managers with strong ability will better restrain themselves and not increase their own interests through perks.At the same time,it is concluded that managerial ability has a significant positive adjustment effect on the economic results of perks in pr:ivate enterprise and state-owned key enterprises,however,it's not obvious in local state-owned enterprises.Then,this paper compares the samples in groups to study how currency salary affects perks.In the group of low currency salary and high enterprise performance,there is a significant positive effect between perks and firm performance,indicating that when perks have a supplementary incentive effect on currency salary,perks can improve the performance of firm.It has a positive impact.Finally,based on the empirical results,this paper puts forward some suggestions on correct treatment of perks,improvement of the supervision mechanism of perks and the salary system of enterprises,and deepening of the internal governance mechanism of enterprises.