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To ensure that executives have the right incentives to maximize the shareholders' value, it is recommended that stock or stock options should be a major part of executives' compensation. As a result, a compensation package that is tied to stock performance is widely used across industries. However, the board of directors might not achieve its goal simply by tying the compensation of executives to the company's share price. If the board of directors ignores the other stakeholders in the company and the risk-taking behavior of the executives (due to their compensation structure) when designing the compensation of executives, the company may end up with executives whose risky decisions may destroy the shareholders' value by paying higher interest on the firm's debt and experiencing higher bankruptcy probability.
机译:为了确保高管们有适当的动机来最大化股东的价值,建议将股票或股票期权作为高管人员薪酬的主要部分。结果,与股票表现相关的薪酬方案在各行各业中广泛使用。但是,董事会可能无法仅通过将高管的薪酬与公司股价挂钩来实现其目标。如果董事会在设计高管人员薪酬时无视公司中的其他利益相关者以及高管人员的冒险行为(由于其薪酬结构),则公司最终可能会选择高管人员,其高风险决策可能会破坏股东的利益。通过支付较高的公司债务利息和较高的破产概率来实现价值。

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  • 来源
    《Decision Sciences》 |2012年第3期|p.391-393|共3页
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