论文部分内容阅读
本文使用中国A股市场2008—2012年符合条件的853家非金融类国有控股上市公司为初始样本,分析影响高管薪酬的因素,得到以下结论:国有控股上市公司高管薪酬和以净资产收益率衡量的会计业绩、公司规模、成长机会有显著的正相关关系,并且因为高管持股和设立薪酬委员会而提高,和董事会规模、独立董事比重、在职消费、公司风险无显著线性关系,和股票回报率衡量的市场业绩、债权人外部监督力度负相关。本文的证据为提高公司治理水平,改善国有控股上市公司高管薪酬设计提供了参考。
This paper uses 853 qualified non-financial state-controlled listed companies in China’s A-share market from 2008 to 2012 as the initial sample and analyzes the factors that influence the remuneration of senior executives. The following conclusions are obtained: the executive pay of state-controlled listed companies and the return on net assets There was a significant positive correlation between the accounting performance, company size and growth opportunity, and the increase was due to the shareholding of senior management and the establishment of the remuneration committee. There was no significant linear relationship between the scale of the board of directors, the proportion of independent directors, on-the-job consumption and corporate risk, and The market performance measured by stock returns is negatively correlated with the strength of external oversight by creditors. The evidence in this paper provides a reference for improving corporate governance and improving the design of executive compensation in state-controlled listed companies.