基于BP神经网络的上市公司CEO报酬实证研究

近年来的研究表明,CEO报酬不仅受公司业绩的影响,还受到其他诸多因素的影响,而且,CEO报酬与其决定因素之间往往存在着非线性关系。本文以2003-2005年沪深股市的A股上市公司为样本,采用BP神经网络对CEO总报酬、CEO年薪、CEO持股价值及其决定因素分别进行训练和学习,结果表明：（1）网络训练输出值与实际值的拟合度分别达到91.09%、97.23%和78.44%;（2）网络的预测能力相对于传统的线性回归模型分别提高了92.72%、92.08%和53.89%。因此,本文认为在分析和确定CEO报酬水平时引入神经网络模型是可行的。     

Two roads to effectiveness: CEO feedback seeking,vision articulation,and firm performance

Humble leadership is attracting increased scholarly attention, but little is known about its effects when used in conjunction with less humble leadership behaviors that rely on a perception of the leader as confident and charismatic. This study contrasts the effects on top management team (TMT) potency and organizational performance of a more humble (feedback seeking) and a less humble (vision) CEO leader behavior. We hypothesize that CEO feedback seeking increases TMT potency and firm performance by communicating to TMT members that the organization values their input and encouraging their own feedback seeking, whereas CEO vision articulation influences these outcomes by fostering greater clarity about the firm's direction, and an enhanced ability to coordinate efforts within the TMT. CEOs who have not developed a vision can achieve a similar positive impact on TMT potency and firm performance by seeking feedback. In a sample of CEOs and TMT members from 65 firms, both CEO feedback seeking and vision articulation exhibit positive direct relationships with firm performance. However, only feedback seeking displays an indirect effect on performance via TMT potency. Finally, CEO feedback seeking has its strongest effects on firm performance and TMT potency for CEOs who are not seen as having a vision.