公司业绩、治理结构与高管薪酬——基于中国上市公司的实证研究

文章研究了激励机制和治理结构对中国上市公司高管薪酬所产生的影响.研究结果表明,中国上市公司高管薪酬与会计业绩之间存在显著的正相关关系,但与市场业绩不存在显著关系.这证明会计业绩比市场业绩在激励机制中发挥更大的作用.公司治理结构对高管薪酬存在显著影响,并观察到股权结构治理与薪酬-业绩激励机制之间存在一定的互补性.

Firm Performance, Governance Structure and Top-management Compensation: an Empirical Study of Listed Firms in China

The paper focuses on the impacts of the incentive mechanism and governance structure on the top-management compensation in Chinese listed firms.The empirical results indicate that the top-management compensation has a positive correlation to accounting performance but not to stock market performance.Accounting performance places a more important role in pay-performance incentive mechanism than stock performance.The listed firms' corporate governance structure has significant impacts on top-management compensation and the pay-performance mechanism is complemented by the ownership structure.We also find that the effectiveness of governance structures in Chinese listed firms is only partially supported by current empirical evidences.