相当多的研究表明，员工个体在经济偏好，特别是跨期选择上是具有显著差
异的。根据员工个人特质制定薪酬方案不会增加企业的财务成本，但是却可
以使员工更加满意，从而产生更强的激励作用。自陈式测量员工的偏好选择
通常有较大的偏差，而实验测定方法则会相对而言更加准确。本文用实验方
法测定了 80 名被试的跨期经济选择指数，并使用大五人格问卷收集了相应
的人格数据。结果表明，大五人格中的开放性维度得分较高的被试呈现出显
著较低的双曲折现因子，神经质维度得分较高的被试呈现出显著较高的双曲
折现因子，严谨性、宜人性、外向性等大五人格的其他因素对双曲线折现因
子没有显著的解释性作用。这些结论从实践上有助于公司根据员工个人特质
制定更有效的薪酬和激励制度，从理论上有助于人力资源学科薪酬设计的进
一步研究。

关键词：大五人格；跨期选择；双曲折现；激励
Abstract
Current practices of compensation and motivation design in Human
Resource System of industry are mostly based on employees ’ responsibilities
and positions, as well as company’s financial budget. Little attention is paid to
employees’ individual difference of preference. Abundant evidences show that
individual employees show significant different preference in economic
decision making, especially in intertemporal choices. Customized compensation
and motivation design according to employees’ individual difference can have
more effective incentive for employees, while do not cost more budget. It ’s
biased to receive employees’ preference of intertemporal choices; therefore
experimental method is a satisfactory substitute. We conducted an experiment
containing 80 subjects that measures people’s preference for intertemporal
choices. Besides, big-five personality scale is used to collect subjects ’
personality characters. Our results reveal that subjects with higher openness
have lower hyperbolic discount factors and subjects with higher neuroticism
have higher hyperbolic discount factors. The other three factors of big-five
personality do not show significant explanatory power to the hyperbolic
discount factors. These conclusions are useful for industry to d esign a more
efficient incentive mechanism for employees according to their individual
difference, and moreover, can promote the theoretical research in compensation
and motivation design.
Key words: Big-Five personality; intertemporal choice; hyperbolic discount;
incentive