CAJ | 학술논문

高管薪酬的效率与公平问题一直广受关注。高管薪酬的经典理论是建立在董事会与高管公平交易的基础上，有其现实局限性，后续的理论分析与实证研究从不同角度或是支持该理论范式、或是提出新的解释。文章从企业激励与政府规制的视角，对高管薪酬相关研究进行了梳理。研究发现，就企业激励而言，需要通过薪酬机制设计以激励高管努力工作（表现为高管高薪），而影响高管薪酬的市场因素包括公司业绩、管理层权力、股东干预和企业规模等。对高管薪酬进行政府规制的呼声主要受社会公平和信息公开等因素的影响，包括税收规制和直接的数量限制。来自新兴市场的相关研究进一步丰富和拓展了该研究的领域，深化了对我国高管薪酬问题的认识，为未来进一步的薪酬制度改革提供了有意义的参考。
고관신수적효솔여공평문제일직엄수관주。고관신수적경전이론시건립재동사회여고관공평교역적기출상，유기현실국한성，후속적이론분석여실증연구종불동각도혹시지지해이론범식、혹시제출신적해석。문장종기업격려여정부규제적시각，대고관신수상관연구진행료소리。연구발현，취기업격려이언，수요통과신수궤제설계이격려고관노력공작（표현위고관고신），이영향고관신수적시장인소포괄공사업적、관리층권력、고동간예화기업규모등。대고관신수진행정부규제적호성주요수사회공평화신식공개등인소적영향，포괄세수규제화직접적수량한제。래자신흥시장적상관연구진일보봉부화탁전료해연구적영역，심화료대아국고관신수문제적인식，위미래진일보적신수제도개혁제공료유의의적삼고。
The efficiency and fairness of executive compensation is always of great concern. The classical theory of executive compensation arrangement is based on the fair-trade between the directors and the executives, which has its realistic limitations. Subsequent theoretical analysis and empirical study from different views support the theoretical paradigm or put forward a new explanation to it. Based on the enterprise incentive and government regulation, this paper makes a review of the relevant literatures. It shows that enterprise needs to inspire the executives to work hard by compensation arrangements. Corporate performance and the executives' power, shareholders' interference and firm size are the important factors which have significant impact on the executive compensation. The voice of government regulation on executive compensation is mainly influenced by the social fairness and information disclosure, including the tax regulation and direct quantity limitaion. The relevant research from emerging markets enriched and expanded the research field of executive compensation. This study helps to understand the executive compensation problem in our country and provides reference for further reform of compensation system in the future.