CAJ | 학술논문

以沪深A股上市公司为样本研究媒体监督、董事会结构对高管薪酬的影响。研究表明，随着媒体对上市公司关注程度的提高，上市公司高管的薪酬也会相应提高。但当负面报道的占比提高时，会拉低高管的薪酬水平。对于董事会结构而言，公司董事会的规模越大，高管人员的薪酬水平越高。公司独立董事的比例越高，高管人员的薪酬水平会有所下降。如果董事长兼任总经理，则倾向于提高高管人员的薪酬水平。在一定的程度上，媒体监督促进董事会机制的发挥，表明媒体监督具有公司治理效果。
이호심A고상시공사위양본연구매체감독、동사회결구대고관신수적영향。연구표명，수착매체대상시공사관주정도적제고，상시공사고관적신수야회상응제고。단당부면보도적점비제고시，회랍저고관적신수수평。대우동사회결구이언，공사동사회적규모월대，고관인원적신수수평월고。공사독립동사적비례월고，고관인원적신수수평회유소하강。여과동사장겸임총경리，칙경향우제고고관인원적신수수평。재일정적정도상，매체감독촉진동사회궤제적발휘，표명매체감독구유공사치리효과。
Based on data of Chinese listed companies,this paper examines the relationship between media supervision,board structure and senior executive compensation.Empirical evidence shows that,in China,senior executive compensation is much higher in firms with greater media supervision,however senior executive compensation is negatively associated with negative reports about the firms.For the mechanism of board,senior executive compensation is much higher for firms with larger board size and firms with CEO duality.Also senior executive compensation is negatively associated with the board inde-pendence.To some extent,media supervision will facilitate the mechanism of board.From the above we can see that media supervision works effectively on corporate governance.