绩效度量的一致性、敏感性及准确性关系研究

将环境的波动性和度量噪音看作是影响绩效度量的两类不同的随机误差,在Linear-exponential-normal框架下,建立了以价值绩效度量和补偿绩效度量的线性组合为基础的收益激励模型,并分析了激励强度与绩效度量的一致性、敏感性和准确性之间的关系,以及环境波动性对上述关系的影响.研究发现,在确定性环境条件下,激励强度与绩效度量的"信号噪音比"成正比关系,但绩效度量的一致性的提高并不必然增加该度量指标在激励契约中的权重,而要视敏感性或噪音相对于一致性的变化幅度来定.特别地,在绩效度量的敏感性与一致性之间并不存在权衡取舍关系.研究还发现,波动性与激励强度之间存在负向关系,且波动性的存在降低了绩效度量的一致性和敏感性,但波动性对绩效度量的准确性的影响则呈非单调性变化.

Relation of Congruity,Sensitivity,and Precision of Performance Measure

Environmental volatility and measurement noise is considered the two different types of random error to performance measure.In the framework of Linear-exponentialnormal,to analyze the relationship between the incentive intensity and the congruity,sensitivity,and precision of performance measure,incentive model is also established,based on a linear combination associating value performance measure with compensation performance measure.There is positive relation between the incentive intensity and the signal-to-noise ratio,however,it is found that an increase in the congruity of a performance measure to an agent's action does not necessarily increase the weight placed on that performance measure in the certain environment,but depending on the degree of changes of the sensitivity or noise relative to the congruity.More specifically,the principal does not necessarily trade-off the sensitivity of the performance measure with the desire to increase the congruity with the firm's outcome.In addition,there is negative relation between the incentive intensity and volatility,and volatility reduces sensitivity and congruity of the performance measure,while,non-monotonic is the relationship between volatility and noise.