CAJ | 학술논문

高管报酬的确定并非单纯的技术设计，而是与财务、公司治理机制密切相关的整体。以2002年-2004年深、沪两市的224家民营上市公司为样本，采用面板数据处理方式，实证检验企业绩效、治理机制与高管报酬的相关性。实证结果表明，中国民营上市公司的企业绩效与高管报酬正相关，内部股东比例与高管报酬正相关，外部董事比例与高管报酬负相关；民营上市公司的内部股东比例越大反而带来更高的高管报酬水平，二者之间存在互补关系，说明中国民营上市公司中存在大股东对高管层的赎买行为；外部董事的治理机制可以有效地解决高管层的内部人控制问题，降低代理成本，表明董事会在民营上市公司治理中发挥着重要的战略参与作用。
고관보수적학정병비단순적기술설계，이시여재무、공사치리궤제밀절상관적정체。이2002년-2004년심、호량시적224가민영상시공사위양본，채용면판수거처리방식，실증검험기업적효、치리궤제여고관보수적상관성。실증결과표명，중국민영상시공사적기업적효여고관보수정상관，내부고동비례여고관보수정상관，외부동사비례여고관보수부상관；민영상시공사적내부고동비례월대반이대래경고적고관보수수평，이자지간존재호보관계，설명중국민영상시공사중존재대고동대고관층적속매행위；외부동사적치리궤제가이유효지해결고관층적내부인공제문제，강저대리성본，표명동사회재민영상시공사치리중발휘착중요적전략삼여작용。
Executive compensation depends on not the institutional arrangement, but finance and corporate governance structure. Based on 224 private companies in 2002 - 2004 Shanghai and Shenzhen stock markets, using panel data processing method, this paper does an empirical research on the relationship among performance, governance mechanisms and executive compensation. The results show that the executive compensation is just related with performance, the internal shareholder proportion is just related with the executive compensation, while the exterior board director proportion is negative related with it. It shows that high level of internal shareholder proportion will bring higher executive compensation. In other words, the ＂redeemability＂ action is discovered in the model, and outside directors solve the insider controlling problem effectively, so the board plays a strategic role in corporate governance.