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1、原文：原文：正文正文ENHANCINGMANAGERIALINCENTIVESVALUECREATION:EVIDENCEFROMCPATESPINOFFSAbstractWestudycpatespinoffswithchangesinCEOcompensationtoexaminehowspinoffsaffectmanagerialincentivecompensationwhetherthechangesinmanagerial

2、compensationcanexplainthevalueenhancementoperatingperfmanceimprovementsthatoccurfollowingspinoffs.Analyzingasampleof124nontaxablespinoffsduring19901997wefindthatchangesinincentivecompensationareasignificantmotivefspinoff

3、s.Changesinmanagerialincentivesaloneareconsistentwiththepostspinoffchangesinoperatingperfmancewhilechangesinbusinessfocusarenot.Spinoffsthatarenotaccompaniedbyenhancedpayperfmancerelationshipdonotimproveoperatingperfmanc

4、eevenwithincreasedbusinessfocus.(JELG34J33).IntroductionAcpatespinoffdividesacompanyintotwomeindependentfirmsoffersafirmanopptunitytoimprovemanagerialincentiveswithfreshcompensationpackagesdirectlytiedtoitsownstockprice.

5、Theinitialroundofstudiesoncpatespinoffsshowsthatthemarketreactiononspinoffannouncementsissignificantlypositiveatabout3%onaverage.1Thesubsequentresearchexplainsthesourceofgainsbasedonimprovedbusinessfocusinfmation.2Merece

6、ntlyremovingdiversitycostsnegativefinancialsynergiesissuggestedasthesourceofgainsfromspinoffs.3Unftunatelytheseexplanationsareneithermutuallyexclusiveninconsistentwiththeexplanationbasedonmanagerialincentives.4Althoughsc

7、holarsindisciplinesincludingfinancialeconomicshavestudiedmanagerialcompensationtoreduceagencyconflictsbetweenshareholdersmanagersfdecadesthereisnoempiricalevidenceonwhethercpationsimplementingspinoffsenhancemanagerialinc

8、entivesoperatingperfmanceissignificant.HypothesesDevelopmentChangingManagerialIncentivesAron(1991)arguesthatcpatespinoffsthemselvesactasincentivesfdivisionalmanagersbecausethestockvalueofadiversifiedparentfirmisanoisysig

9、naloftheproductivityofanydivisionthatofaspinoffsubsidiaryreflectsacleanermeasureoftheperfmanceofadivision.ThusaspinoffsubsidiarycannaturallyimprovemanagerialincentivesbyincreasingitsPPSrelativetotheparentsPPSwhilethepare

10、ntwithremainingmultipledivisionsdoesnotchangePPS.Fspinofftransactionitisnaturalthatfirmsexperiencedownsizingthusincreasethesensitivity.ToexhibitgenuineimprovementsinmanagerialincentivesfollowingspinoffstheincreasedPPSfei

11、therpostparentsspinoffsubsidiariesmustbeatleastconsistentwiththosefpreparentsadjustingfsizeeffects.7Schaefer(1998)examinestherelationbetweenfirmsizePPSfindsthatthesensitivityappearstobeapproximatelyinverselyproptionaltot

12、hesquarerootoffirmsizewhileheignesthechangesinthevalueofpreviouslygrantedstockoptionsinhisregressionanalysis.Weestimatetheregressionmodelusingthedatawiththechangesinthevalueofpreviouslyawardedstockoptionscomparethesizein

13、ducedsensitivitieswiththeestimatedsensitivitiesfspinoffsubsidiariestocontrolfsizeeffects.TherefeHypothesis1:TheincreasedPPSfspinoffsubsidiarieswillbeequivalenttothatfpreparentsadjustingfsizeeffects.Hypothesis2:PPSfpostpa

14、rentswillbeequivalenttothatfpreparentsadjustingfsizeeffects.EstablishingTopManagementTheiginofthespinoffsubsidiarysCEOappearstohaveimpactonthegainsfromspinoffs.SewardWalsh(1996)findthatthemajityofnewCEOcomefrominside(48o

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