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高管薪酬与企业绩效之间的关联性一直以来都是企业激励高管人员、降低股东和管理者之间冲突的基础。不少研究证实我国高管薪酬与企业绩效之间存在正相关关系,但是高管寻租谋取暴利的案件仍接连发生,“天价”薪酬也越来越多地引起社会各界的关注,这都说明现有的“薪酬—绩效”契约存在缺陷。本文选取2002—2010年上市公司作为样本,分别考察了高管薪酬与公司短期和长期绩效指标之间的敏感性。研究发现,上市公司高管现金薪酬的决定主要依赖于短期业绩指标,缺乏长期绩效的相关性,在现有高管薪酬构成中普遍缺乏股权激励因素的情形下,我国企业高管薪酬结构不合理,高管薪酬的决定机制仍不能满足企业发展的需求,与股东谋求长期价值的意愿相背离,我国企业高管薪酬制度亟待改善。
The link between executive pay and firm performance has long been the basis for companies to motivate executives and reduce conflicts between shareholders and managers. Many researches confirm that there is a positive correlation between executive compensation and corporate performance in our country, but the cases of executives looking for rent and profiteering continue to occur in succession. More and more, “high price” remuneration is also aroused the concern of all walks of life All indicate that the existing “pay-performance contract” is flawed. This paper chooses the listed companies from 2002 to 2010 as a sample to examine separately the sensitivity between executive compensation and the company’s short-term and long-term performance indicators. The study finds that the decision of cash compensation of senior executives in listed companies mainly depends on the short-term performance indicators, the lack of correlation of long-term performance. Under the circumstances that there is a general lack of equity incentive in the composition of senior executive compensation, the salary structure of senior executives in our country is not reasonable The decision-making mechanism of executive compensation still can not meet the needs of enterprise development, which deviates from the shareholders’ desire to seek long-term value. The salary system of Chinese executives needs to be improved urgently.