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美国次贷危机而引发的全球性的金融危机使得全球经济遭受了沉重的打击。在危机中美国著名的五大投行纷纷倒下。本文在收集整理包括高盛集团在内的美国五大投资银行的相关资料的基础上,通过定性分析和定量分析,发现了高盛集团薪酬制度的缺陷,认为不合理的薪酬制度是投行倒闭的重要原因。因为过度重视短期激励的薪酬制度会激励高管人员进行高风险的投资活动。巨大的薪酬规模直接将银行的资产转移给了高管,高管获得薪酬后并不能很好地保护股东的利益,而是在危机来临时首先保护自己的利益,委托代理关系没有得到改善。因此,建立完善的薪酬监督体系和科学的高管业绩的评价体系,兼顾短期和长期利益,应当成为高管薪酬制度的重点。
The global financial crisis triggered by the US subprime mortgage crisis has caused the global economy to suffer a heavy blow. In the crisis, the famous five major investment banks in the United States fell. This paper collects and collates relevant information of five major U.S. investment banks, including Goldman Sachs Group, and through qualitative analysis and quantitative analysis, finds out the defects of the Goldman Sachs Group’s salary system, and considers that an unreasonable compensation system is an important reason for the failure of the investment bank. The compensation system that places too much emphasis on short-term incentives will motivate executives to carry out high-risk investment activities. The huge salary scale directly transfers the bank’s assets to senior executives. After the executives get paid, they cannot protect the interests of shareholders well. Instead, they first protect their interests when the crisis comes. The principal-agent relationship has not been improved. Therefore, the establishment of a sound compensation supervision system and a scientific evaluation system for senior executives, taking into account both short-term and long-term interests, should be the focus of the executive compensation system.