The idea that American bosses are obscenely overpaid is conventional wisdom, and not just among the true believers at the Democr

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问题    The idea that American bosses are obscenely overpaid is conventional wisdom, and not just among the true believers at the Democratic convention. The New York Times complains of " fat paychecks to chief executives who, by many measures, don’t deserve them. " Forbes, hardly the in-house journal of Occupy Wall Street, frets that CEO pay is "gravity-defying". An issue in April gave warning that "our report on executive compensation will only fuel the outrage over corporate greed.
   This orthodoxy rests on three propositions: that CEO pay just keeps on going up; that it is not tied to performance; and that boards are not doing their job of holding fat cats’ paws to the fire. These propositions in turn rest on a bigger argument: that CEOs are using their political power to rig the system, and that an efficient market for talent would produce very different results.
   The Dodd-Frank law of 2010 required all public firms to hold an annual "say on pay" vote for top executives. But turnover rates suggest that boards have been getting tougher on CEOs for years. And last year, despite a lot of noise by activists, shareholders voted to uphold 98% of pay proposals. The evidence suggests that CEO pay is determined mostly by supply and demand, not bad corporate governance or skewed incentives. Companies compete for scarce talent. They reap big rewards for a smart hire because they are growing larger and more global. They suffer big losses from a bad hire for much the same reason. They pay what it takes to woo the best bosses, and sack them if they stumble. That is how it should work.
                                    -------Selected from "Bargain Bosses" , the Economics

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答案 民主党大会上一些人坚定地认为美国高管的薪资过高,而且持这种观点的人并非少数。《纽约时报》发文指责“从诸多方面来看,首席执行官们享受着与自己的表现并不匹配的丰厚薪资。”《福布斯》绝非“占领华尔街”运动的内刊,也发文担忧道,首席执行官的收入“高得离谱”。其四月刊中有文章警示说“当下,人们对企业的贪婪愤怒不已,而我们关于高管薪资水平的报告无疑是火上浇油。” 这一普遍认可的观点根据有三:一是首席执行官的薪资持续上涨;二是其薪资未与业绩挂钩;三是董事会没有尽职地向高管们施压。而这三点立足于更重要的一点,那就是:首席执行官们正运用自己的政治权力操纵整个体系,而高效的人才市场所产生的结果则会大不相同。 【……】 2010年的多德弗兰克法案规定,所有上市公司需每年针对高管的薪酬问题进行“薪酬话语权”股东投票。但首席执行官的更换率表明,几年来,董事会对执行官们的态度愈来愈严苛。去年,虽然激进分子的反对声四起,但是98%的薪酬提案仍旧得到了股东的支持。有证据表明,首席执行官的高薪很大程度上是由供需关系决定,而不是公司管理不善或激励制度偏斜决定的。为获得稀缺人才,公司间彼此竞争。一位精明的新雇员能为公司带来巨额回报,因为在其经营下,公司会日益壮大、日益全球化。同理,选错人则会让他们付出沉重的代价。因此,为招到最优秀的执行官,他们会不惜一切代价;而如果执行官表现不佳,他们也会马上将其解聘。这才应是高管薪资制度运行的正确模式。

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