CAJ | 학술논문

以往对股改前上市公司的研究表明，高管薪酬与公司业绩不相关或相关度不高。通过对比股权分置改革前后高管薪酬的情况，本文实证分析了股权分置改革对高管激励机制的影响。我们发现，与股改前相比，上市公司高管薪酬与业绩的敏感性显著提高；与未股改公司相比，股改公司高管薪酬与业绩的敏感性更高。本文论证了股权流通性改善对于完善高管薪酬激励制度的积极意义，为全面评估股权分置改革与理解高管薪酬的制度约束提供了经验证据。
이왕대고개전상시공사적연구표명，고관신수여공사업적불상관혹상관도불고。통과대비고권분치개혁전후고관신수적정황，본문실증분석료고권분치개혁대고관격려궤제적영향。아문발현，여고개전상비，상시공사고관신수여업적적민감성현저제고；여미고개공사상비，고개공사고관신수여업적적민감성경고。본문론증료고권류통성개선대우완선고관신수격려제도적적겁의의，위전면평고고권분치개혁여리해고관신수적제도약속제공료경험증거。
Prior studies on the listed firms before the split-share structure reforme find that the relation between executive compensation and performce is week. This paper analyzes the impact of Split-share Structure Reform on the executive compensation contract. We find that firstly, compared with that of listed firms before split-share structure reform, the relation between executive compensation and performce in the listed firms after split-share structure reform is stronger. Secondly, compared with that of listed firms with split-share structure, the relation between executive compensation and performce in the listed firms without split-share structure is stronger. We document the role of Split-share Structure Reform to improve the management incentive system. These evidences benefit both our assessment of the impact of Split-share Structure Reform and our understanding the institutional constraits of management incentive system.