CAJ | 학술논문

2009年9月16日,国务院六部委联合下发了《关于进一步规范中央企业负责人薪酬管理的指导意见》,以规范国有企业高管薪酬中存在的问题。本文试图从实证上检验该政府法规对国有企业高管薪酬、业绩和运气之间关系的影响。实证检验得到的结论可以归纳为三点：一是我国上市企业中存在显著的高管运气薪酬现象;二是较非国有企业而言,国有企业高管运气薪酬的现象更为严重;三是政府法规发布后,国有企业高管的薪酬水平不仅没有降低,反而得到显著提高,国有企业高管运气薪酬的现象依然存在,说明《政府限薪令》并未取得预期的效果。解决国有企业高管运气薪酬的问题,不能完全依赖外部的行政力量,还应该根据我国近年来国有企业改革的实践经验,借鉴国际上对企业高管薪酬管理的方法,坚持市场调节与政府监管相结合,坚持激励与约束相统一,坚持内部完善公司治理结构与外部政府立法并重。
2009년9월16일,국무원륙부위연합하발료《관우진일보규범중앙기업부책인신수관리적지도의견》,이규범국유기업고관신수중존재적문제。본문시도종실증상검험해정부법규대국유기업고관신수、업적화운기지간관계적영향。실증검험득도적결론가이귀납위삼점：일시아국상시기업중존재현저적고관운기신수현상;이시교비국유기업이언,국유기업고관운기신수적현상경위엄중;삼시정부법규발포후,국유기업고관적신수수평불부몰유강저,반이득도현저제고,국유기업고관운기신수적현상의연존재,설명《정부한신령》병미취득예기적효과。해결국유기업고관운기신수적문제,불능완전의뢰외부적행정역량,환응해근거아국근년래국유기업개혁적실천경험,차감국제상대기업고관신수관리적방법,견지시장조절여정부감관상결합,견지격려여약속상통일,견지내부완선공사치리결구여외부정부입법병중。
The Chinese edition of ＂Pay Ceiling Order＂ was issued on September 16,2009 to regulate compensation problems in the state owned enterprises（SOEs）.This paper empirically examines the effect of this administrative regulation on CEO pay,especially the impact on the ＂pay-for-luck＂ phenomenon.We find that ＂pay-for-luck＂ is pervasive among public firms,and is more severe in SOEs than non-SOEs.The ＂Pay Ceiling Order＂,which is originally designed to regulate CEO pay,fails to mitigate the ＂pay without performance＂ problem.Our results indicate that adminstrative regulation may not be the best solution to CEO pay.Corporate governance and administrative regulation should be systematiclly enhanced simultaneously to fix the pay without performance problem.