东北大学学报（自然科学版）

东北大学学报(自然科学版) ›› 2010, Vol. 31 ›› Issue (10): 1512-1515.DOI: -

• 论著 • 上一篇    下一篇

政府救助措施对金融企业收入的影响

陆阳;庄新田;   

  1. 东北大学工商管理学院;
  • 收稿日期:2013-06-20 修回日期:2013-06-20 出版日期:2010-10-15 发布日期:2013-06-20
  • 通讯作者: -
  • 作者简介:-
  • 基金资助:
    国家自然科学基金资助项目(70871022)

Influence of government bailout on financial company's income

Lu, Yang (1); Zhuang, Xin-Tian (1)   

  1. (1) School of Business Administration, Northeastern University, Shenyang 110004, China
  • Received:2013-06-20 Revised:2013-06-20 Online:2010-10-15 Published:2013-06-20
  • Contact: Lu, Y.
  • About author:-
  • Supported by:
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摘要： 从微观角度出发,通过建立激励模型研究政府救助措施对金融企业收入的影响.发现减少固定薪酬、MBO(经理人收购)可使企业增收,减少绩效薪酬则导致企业收入下降;把金融企业原有的高风险资产置换成低风险资产也对企业收入产生影响,应该根据夏普比率来选择低风险资产,只有当低风险资产的夏普比率高于原资产夏普比率的一定倍数时,才能使金融企业实现增收;国债是一种可以提高企业收入的低风险资产.

关键词: 金融企业, 国有化收购, 管理层收购, 激励, 薪酬限制

Abstract: The influence of government bailout on a financial company was studied microscopically by developing an incentive model. The results showed that cutting fixed salaries and MBO (management buy-out) can increase a company's income, while cutting performance rewards will reduce its income. Shifting the original high-risk assets to low-risk assets of a financial company also affects its income. Sharpe ratio is an appropriate indicator that could be used to value and choose low-risk assets, a financial company's income can be increased only when the Sharpe ratio of a target low-risk asset is higher than certain times of the Sharpe ratio of its original high-risk assets, and treasury bill is one of low-risk assets that boost company's income.

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