Golden Parachute as a Compensation-Shifting Mechanism
研究金色降落伞如何通过提高收购价格将部分管理层薪酬负担转移给买方，从而提升目标股东净回报，并解释其触发条件、承诺时机、覆盖范围及规模等特征。
We demonstrate how a golden parachute can be used to improve the target shareholders' net return by partially shifting the managerial compensation burden to the buyer through a higher acquisition price. Consistent with the empirical observations, we show that (1) the golden parachute will be contingent on a change-of-control rather than solely on the manager's layoff, (2) the golden parachute will be promised early, for example, at the time of the manager's employment, not just in the face of a takeover or a merger, (3) the shareholders would want to extend its coverage to other employees, and (4) the size of the parachute can be much larger than the manager's annual compensation. We also examine the effect of a golden parachute on the managerial incentive scheme.