指导
网站地图
澳洲代写assignment 代写英国assignment Assignment格式 如何写assignment
返回首页

墨尔本留学assignment essay:浅谈管理层高管薪酬

论文价格: 免费 时间:2015-03-05 10:08:57 来源:www.ukassignment.org 作者:留学作业网
近年来,高管薪酬一直受到传媒的严厉审查。整个商业界的薪酬结构和高薪问题被暴露在聚光灯下。执行绩效直接影响股东利益和组织的成功。这就是为什么金融专家一直在通过考核高管的表现以调整薪酬和福利。在本文中,我将探讨计算高管薪酬的不同类型和方法。

高管薪酬之所以不容易被理解是因为包含多达十几个变量,比如:工资,奖金,福利,股票期权,养老金,递延收入和长期薪酬。此外,还可以有非货币性福利,以及如:公司的汽车,金融咨询和税务筹划。这些薪酬变量中的每个都被认为是一种支付类型,它们实际上被称为薪酬组合(芬克尔斯坦与汉姆​​布瑞克)。考虑到支付类型,薪酬组合恰恰表明今天CEO薪酬方案的复杂性。支付类型和薪酬组合的一些潜在因素可能包括:企业战略和生命周期,税收政策和组织内部代理问题的程度。此外,由于一个公共组织的CEO薪酬是每年需要公布的公共信息,这可能被用来进行直接比较。薪酬信息的可用性可以作为检查涉及到潜在CEO薪酬方案的因素的指南。

人力资源管理——HR Management
 
高管薪酬——Executive Compensation
 
In recent years, executive compensation has come under harsh scrutiny in literature and the media. Compensation structure and high salaries has brought this issue into the spotlight throughout the business world. Executive performance can directly affect shareholder value and the success of the organization. This is why the alignment of an executive’s performance, salary, and benefits have long been under examination by financial experts. In this paper, I would like to examine the different types, and ways an executive’s compensation is calculated.
 
Executive compensation is not easily understood as there can be as many as a dozen or so variables such as: salary, bonus, benefits, stock options, pension contributions, deferred income, and long-term compensation. Additionally, there can also be non-monetary benefits as well such as: company car, financial counseling, and tax preparation. Each of these variables in compensation are considered a type of pay, and how they are actually administered is called the mix of pay (Finkelstein & Hambrick). Consideration of type and mix of pay precisely indicates the complexity of CEO compensation packages today. Some potential potential determinants of type and mix of pay may include: firm strategy and life cycle, tax policy and the extent of agency problems within an organization. Additionally, because the pay of a CEO of a public organization is that of public information which is published annually, this may be used to make direct comparisons, and the availability of the pay information may serve as a guideline when examining the factors related to the potential CEO compensation package.
 
Besides attracting and retaining the best talent in a CEO, it is also important that the CEO is able to address the individual organizations needs. Directly responsible for determining the pay of a CEO, the Board of Directors or one of its committees to determine the role of the CEO and motivation which help to guide them through determining the appropriate type and mix of compensation. Nine out of ten large public companies have an executive compensation committee. These committees usually consist of three to five outside directors who are responsible for establishing the mode of compensation and performance targets for top management.
 
“Firstly, compensation can be viewed as a function of supply and demand. Secondly, it can be viewed as a function of how much the executive is expected to contribute to the performance of the firm. (Finkelstein and Hambrick).” Two major determinants of CEO compensation are: (1) market factors and (2) the power and preferences of the board and CEO. Additionally, along with the CEOs proven and expected contributions, market factors and the managerial labor market are important influences on the boards beliefs regarding the CEOs worth to the organization at that time (Boyd).
 
These determinants each count for some variance in determining the appropriate compensation package that is in alignment with management and shareholder interest. Beyond market factors, CEO compensation can be influenced by political processes, as CEO and board members differ in power and preferences, the compensation determined will reflect those differences (Finkelstein & Hambrick). However, the strategy used should generate returns for investors, accurately measure management performance, and implement a pay practice that is fair to shareholders and drives business results.
 
Before the Board of Directors or Compensation Committee can determine the appropriate compensation package for their CEO, they must understand why effective managerial pay strategies are important to the organization, this is the role of the board under agency theory (Boyd). An agency problem can occur when a CEO has no invested financial interest in the outcomes of his decisions. This means that a CEO with no or minimal equity ownership would have substantially different goals than a CEO with equity ownership (Walsh and Seward). Specifically when there is little or no ownership the incentive for the CEO could be to focus on maximizing their own wealth other than the organizations. Whereas a CEO with equity ownership will have incentives directly related to maximizing shareholder value.
 
CEO pay may also vary due to internal and external market influences. For example, the way the person becomes CEO may be reflected in the pay. CEOs recruited from outside the firm may require a premium in pay as incentive to switch firms, whereas those promoted internally may accept relatively les in pay for the status and privileges associated with the promotion (Decktop). However, board members are very sensitive to paying less for an internal candidate than the competition so pay is usually raised to retain their service (Finkelstein and Hambrick). Critics argue that external successors may receive a premium in the form of non-contingent compensation, this could represent the external successors for fore-gone return to their old firm-specific skills, and for risk associated with the lack of new firm-specific skills. Most firms hire from within the organization for at least two reasons related to skills: First: firms value the resulting fit between the skills of the CEO and the organization and second, firms have better information about the skills of an internal than the external candidate (Harris and Helfat). In addition, the board is usually reluctant to turn outside an organization for a new CEO, as it is argued that this admits to internal deficiencies.
 
Firm size and firm performance may affect the choice of the successor and be linked directly to how they are compensated. Traditionally a CEOs main concern should be the maximization of shareholder value. However, stock price may not always be the best indicator of a CEOs contribution to the firm. Trachial explains, “empirical evidence suggests that numerous economic factors render stock returns too noisy and insensitive to a manager’s actions to make it the primary factor is setting compensation (Traichal)”. In addition, Traichal suggests specifically that, shareholder returns and accounting returns be used for performance measurement. However Finkelstein and Hambrick suggest, that
 
A CEOs pay in bigger firms tend to pay more because the CEO oversees substantial resources, rather than the ability of the firm to pay more because of the number of their heiarchial pay levels (Finkelstein and Hambrick). Additionally, Finkelstein and Hambrick argue that performance related programs are increasing. These programs usually relate to meeting certain predetermined measures of performance, both personal and corporate. Typically, these programs extend over a period of years, but some are short-term. Traditionally a CEO may be paid based on results of prior years performance.
 
Beyond market factors, CEO compensation can be influenced by political processes, as CEO and board members differ in power and preferences, the compensation determined will reflect those differences (Finkelstein & Hambrick).
 
作品引用——Works Cited
 
Boyd, Brian KBoard Control and CEO Compensation-Strategic Management Journal, Vol. 15 No 5 (June 1994) pp. 335-344
Ciscel, D.H.,“Determinants of Executive Compensation” Southern Economic Journal, March 1974, pp. 613-617
Chief Executive Compensation: A Synthesis and Reconciliation
Finkelstein, S.School of Business Administration, University of Southern California, Los Angeles, CA
Hambrick, D.Graduate School of Business, Columbia University, New York NY
Walsh, James P.On the Efficiency of Internal and External Corporate Control
Seward, James K.MechanismsThe Academy of Mangement Review, Vol. 15, No. 3. (July., 1990), pp.421-458
Traichal, Patrick A., The Relationship Between Pay-For-Perfomance Contracting and External Monitoring. Managerial Finance, 68(21). (1999)
此论文免费


如果您有论文代写需求,可以通过下面的方式联系我们
点击联系客服
推荐内容
  • 国外大学怎么写assignm...

    很多即将留学海外或初次留学海外的学子经常会问:国外大学怎么写assignment?其实,assignment并不难写,只要你能够了解并熟悉assignment的......

  • 硕士课程论文格式样本:Pop...

    assignment格式样本:All pop art draws upon modern images of cultural icons, consumer ......

  • 英文Assignment和D...

    英文Assignment和Dissertation的写作细节(珍藏版)-Dissertation大体结构-Dissertation写作思路-Dissertati......

  • 怎么写assignment?

    怎么怎么写assignment?:assignment格式...

  • 麦当劳在澳大利亚的管理问题研...

    本文是麦当劳在澳大利亚的管理问题研究assignment指导。现如今,德管理对全球市场上的公司取得持续发展和长期成功来说是及其重要的。大多数的麦当劳餐厅都提供柜......

  • 从女性黑人说唱音乐中看美国传...

    本文是本站代做的assignment范文,有关女性解放问题。人们都认为黑人女说唱音乐应该不受传统观念的束缚,它应当是创新的、能够促进黑人女性解放的,并且能够提高......