CAJ | 학술논문

以《企业内部控制配套指引》在沪深主板上市公司实施为背景,基于薪酬契约理论,选用2012年内部控制信息数据为研究样本,描述上市公司内部控制缺陷披露行业特征,通过构建OLS回归模型,探究上市公司内部控制缺陷披露与高管薪酬之间的关联关系。研究发现：我国上市公司内部控制缺陷披露与其高管薪酬水平存在一种倒置现象,即相对于未披露其内部控制缺陷的上市公司,那些披露其内部控制缺陷的公司具有更高的高管薪酬水平;同时,我国上市公司内部控制缺陷披露显著提高了上市公司高管薪酬业绩敏感性。
이《기업내부공제배투지인》재호심주판상시공사실시위배경,기우신수계약이론,선용2012년내부공제신식수거위연구양본,묘술상시공사내부공제결함피로행업특정,통과구건OLS회귀모형,탐구상시공사내부공제결함피로여고관신수지간적관련관계。연구발현：아국상시공사내부공제결함피로여기고관신수수평존재일충도치현상,즉상대우미피로기내부공제결함적상시공사,나사피로기내부공제결함적공사구유경고적고관신수수평;동시,아국상시공사내부공제결함피로현저제고료상시공사고관신수업적민감성。
Based on the background of the implementation of ＂Guidelines for Enterprise Internal Control＂and the Compensation Contracts theory,describing the industry characteristics of listed companies to disclose internal control deficiencies,building on OLS regression model,using the 2012 internal control data,we explore the relationship between behaviors of the disclosure of internal control deficiencies and the executive compensation levels on Chinese listed firms.We find that there is an inversion phenomenon between internal control deficiencies of listed companies and their executive pay levels,the firms which disclosed their internal control deficiencies have a higher level of executive compensation,and the disclosure of internal control deficiencies increases the pay for performance sensitivity of the Chinese listed firms.