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研究稱(chēng)限制CEO任職年限能遏制天價(jià)薪酬,減少股東損失

研究稱(chēng)限制CEO任職年限能遏制天價(jià)薪酬,減少股東損失

Anne Fisher 2014年07月04日
一項(xiàng)新研究顯示,首席執(zhí)行官在職時(shí)間越長(zhǎng),他們的薪酬就越高,而且也更愿意拿股東的利益去冒險(xiǎn),而設(shè)定CEO任職年限就能緩解這個(gè)問(wèn)題。

????現(xiàn)如今,相當(dāng)明確的一點(diǎn)是,很多上市公司的CEO實(shí)際賺的錢(qián)比他們業(yè)績(jī)確保他們可以賺的錢(qián)要多,而且,董事會(huì)常常忽視那些對(duì)此不滿的股東。但給CEO支付比他(她,很少見(jiàn))實(shí)際值得的薪酬高到底會(huì)對(duì)股東造成多大的損失?

????一份新的研究對(duì)這個(gè)問(wèn)題的回答是:損失慘重。這份研究逐年核查了從1994年至2013年間1,500家美國(guó)最大上市公司的CEO薪酬、股價(jià)表現(xiàn)和資產(chǎn)回報(bào)。其中的任何一年,相對(duì)于薪酬適中的同行,薪酬最高的10位CEO掌管的企業(yè)市值平均損失了14億美元。

????此外,即使其中某位特定的CEO的薪酬只有某一年入圍過(guò)前10,隨后的三年,這位CEO所在公司的股票價(jià)值都會(huì)相對(duì)同行業(yè)的其他公司股票出現(xiàn)下跌。而且,這份報(bào)告的聯(lián)合執(zhí)筆者、猶他大學(xué)(University of Utah)金融教授邁克?庫(kù)伯還說(shuō),10位薪酬最高的CEO掌管的公司如果進(jìn)行收購(gòu)或合并,“市場(chǎng)反應(yīng)更為負(fù)面”;相對(duì)于薪酬較低CEO的公司,股價(jià)下降幅度更大。

????“我們并不是在說(shuō),CEO高薪必定是糟糕的事情,”他補(bǔ)充說(shuō)。“但我們的確發(fā)現(xiàn),CEO高薪與公司財(cái)務(wù)表現(xiàn)下降之間存在明確的關(guān)聯(lián)?!?/p>

????庫(kù)伯稱(chēng),主要的問(wèn)題是,如此奢侈的薪酬引發(fā)了這位研究所稱(chēng)的“自負(fù)”,或者“自認(rèn)為掌握了更好的信息,比其他任何人懂得都多”這種信念,結(jié)果導(dǎo)致了對(duì)風(fēng)險(xiǎn)的癖好。具體表現(xiàn)為:大肆收購(gòu)、過(guò)度投資通常會(huì)失敗的風(fēng)險(xiǎn)項(xiàng)目,而且通常也會(huì)過(guò)多支出公司的資金。

????庫(kù)伯指出,“為什么任何行業(yè)中最高薪的CEO們傾向于做出損害股東財(cái)富的事情?這就是原因?!睋?jù)這份研究稱(chēng),有一個(gè)跡象很能說(shuō)明問(wèn)題,反映CEO的過(guò)度自信:被壯麗前景假象所迷惑的CEO通常比其他CEO持有更多“尚未執(zhí)行的大量低價(jià)期權(quán),”

????而且,他們?cè)谌蔚臅r(shí)間也比薪酬低一些的同行要長(zhǎng)。庫(kù)伯和他的同事發(fā)現(xiàn),獲得最高薪酬和做出最自負(fù)行為的CEO平均任職期為6年。“這一點(diǎn)沒(méi)什么可奇怪的,”庫(kù)伯指出。“更長(zhǎng)的任職時(shí)間意味著CEO可以有機(jī)會(huì)與董事會(huì)結(jié)交朋友,或者把朋友安插進(jìn)董事會(huì)?!?/p>

????這項(xiàng)研究中任職時(shí)間最長(zhǎng)、賺錢(qián)最多的CEO們比同行們創(chuàng)造的財(cái)務(wù)業(yè)績(jī)更為遜色,至少?gòu)囊豁?xiàng)指標(biāo)表明如此:他們?nèi)温毱陂g的資產(chǎn)回報(bào)率比所在行業(yè)的資產(chǎn)回報(bào)率低了12%。

????盡管庫(kù)伯很謹(jǐn)慎地表示,這項(xiàng)研究的目的并不是要開(kāi)出方子, 但它的確表明,設(shè)定CEO任期可以幫助降低失控的薪酬和代價(jià)高昂的自負(fù)行為。如果薪酬較同行高90%的CEO任期不超過(guò)(比方說(shuō))3年,股東的投資蒙受長(zhǎng)期損失的可能性也更小。不過(guò),眼下正在發(fā)生的情形似乎并不是這樣:非盈利研究機(jī)構(gòu)世界大型企業(yè)聯(lián)合會(huì)(The Conference Board)今年4月份發(fā)布的一份報(bào)告稱(chēng),2013年《財(cái)富》美國(guó)500強(qiáng)CEO的平均在職時(shí)間已經(jīng)攀升到了9.7年。這是自2002年以來(lái)發(fā)布的最長(zhǎng)平均任期。(財(cái)富中文網(wǎng))

????It’s pretty clear by now that many CEOs of public companies make more money than their performance warrants, and that boards of directors often ignore shareholders who complain about it. But how much does paying the chief executive officer more than he (or, rarely, she) is worth really cost stockholders?

????Plenty, says a new study that examined CEO pay, stock price performance, and return on assets in a database of the 1,500 largest U.S. public companies for each year from 1994 to 2013. The 10 highest-paid CEOs in any given year presided over an average $1.4 billion loss in market capitalization, compared to their more modestly compensated peers.

????There’s more: Even if a given CEO made the top 10 for only one year, the stock lost value for three years afterward, compared to the shares of other companies in the same industry. And, if a company with a CEO in the top 10 made an acquisition or underwent a merger, “the market reacted more negatively,” pushing the share price down farther than for comparable deals made by lower paid CEOs, says Mike Cooper, a finance professor at the David Eccles School of Business at the University of Utah and a co-author of the study.

????“We’re not saying that high CEO pay is necessarily bad,” he adds. “But we did find a clear link between high CEO pay and decreased financial performance.”

????The main reason, Cooper says, is that extravagant pay gives rise to what the study calls “overconfidence,” or the belief that “you have better information and know more than everybody else,” which leads to a penchant for risk—making too many acquisitions, over-investing in dicey projects that usually fail, and generally spending too much of the company’s money.

????“This is why the highest paid CEOs in any industry tend to do things that destroy shareholder wealth,” Cooper notes. A telltale sign of overconfidence, according to the study: chief executives with costly delusions of grandeur often hold “a larger number of in-the-money stock options that they haven’t exercised than other CEOs,” he says.

????They’ve often been in the top job longer than their lower-paid peers, too. Cooper and his colleagues found the highest pay and the most overconfident behavior among chief executives who had been in office for an average of six years. “That’s not surprising,” Cooper notes. “The longer tenure means a CEO has had more of a chance to make friends with the board, or to put friends on it.”

????Chief executives in the study who had held the post the longest and made the most money also showed more lackluster financial results than their peers at other companies, at least by one measure: return on assets over the course of their tenure underperformed their industries’ ROA by 12%.

????Although Cooper is careful to say that the study isn’t prescriptive, the research does suggest that setting term limits for CEOs would help to curb both out-of-control pay and expensive, overconfident moves. Shareholders might suffer less long-term damage to their investment if no one who’s paid more than 90% of his or her industry peers could hold the top job for longer than, say, three years. Right now, that doesn’t seem to be happening: The average time in office of Fortune 500 CEOs in 2013 climbed to 9.7 years, nonprofit research firm The Conference Board reported in April. That was the longest average tenure reported since 2002.

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