重庆大学学报：社会科学版
重慶大學學報：社會科學版
중경대학학보：사회과학판
Journal of Chongqing University(Social Sciences Edition)
2007年
5期
49~54
,共null页
高管薪酬 公司业绩 治理结构
高管薪酬 公司業績 治理結構
고관신수 공사업적 치리결구
top-management compensation; firm performance; governance structure
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一业绩激励机制之间存在一定的互补性。
文章研究瞭激勵機製和治理結構對中國上市公司高管薪酬所產生的影響。研究結果錶明，中國上市公司高管薪酬與會計業績之間存在顯著的正相關關繫，但與市場業績不存在顯著關繫。這證明會計業績比市場業績在激勵機製中髮揮更大的作用。公司治理結構對高管薪酬存在顯著影響，併觀察到股權結構治理與薪酬一業績激勵機製之間存在一定的互補性。
문장연구료격려궤제화치리결구대중국상시공사고관신수소산생적영향。연구결과표명，중국상시공사고관신수여회계업적지간존재현저적정상관관계，단여시장업적불존재현저관계。저증명회계업적비시장업적재격려궤제중발휘경대적작용。공사치리결구대고관신수존재현저영향，병관찰도고권결구치리여신수일업적격려궤제지간존재일정적호보성。
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 per- formance 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.
