Abstract: Perks have double-edged sword effect of compensation and benefit expropriation, the direction and degree of its influence on enterprise performance depends on the game result of these two forces, and the two types of effects' play are affected by the explicit incentive level of management and management rights. Based on explicit incentive level and management rights norm, this paper discussed the double-edged effect of perks in different situations, and find that: ①At the situation of the explicit incentive level is lower, perks can effectively improve business performance and the compensation effect is more significant. ②At the situation of the management rights is stronger, perks reduces the corporate performance and the benefit expropriation effect is more significant. ③Compared to private enterprise, perks of state-owned enterprises have bigger compensation effect.

Key words: perks, compensation effect, benefit expropriation effect, explicit incentive level, management rights