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本文首先建立了上市公司总经理报酬决定综合模型,模型包括一系列报酬决定的经济与非经济因素。然后采用上市公司2004年至2006年面板数据检验了综合模型,我们发现地区是报酬的最显著解释变量,解释力为14.4%;其次是公司规模和所属行业,解释力分别为7.6%、4.3%;地区、行业、规模三者的解释力达26.3%;而公司业绩、公司战略的解释力仅为1.4%、0.7%,经理权威与人力资本、董事监事治理、股权结构、组织内部竞争、行业与社会管制、社会比较的解释力分别为1.1%、1.3%、2.8%、0.2%、1.3%、2.4%。结果表明经济因素仍旧是经理报酬的主要决定因素。
This paper first establishes a comprehensive model of remuneration decisions for the general manager of a listed company. The model includes a series of economic and non-economic factors that determine the remuneration. Then we use the panel data of listed companies from 2004 to 2006 to test the comprehensive model. We find that the region is the most significant explanatory variable of the compensation, the explanatory power is 14.4%; the second is the company size and the industry, the explanatory power is 7.6% and 4.3% ; The explanatory power of the region, industry and scale of the three reached 26.3%; while the performance of the company, the explanatory power of the company’s strategy was only 1.4%, 0.7%, manager authority and human capital, governance of directors and supervisors, ownership structure, internal competition within the organization, industry Compared with social control and social comparison, the explanatory power is 1.1%, 1.3%, 2.8%, 0.2%, 1.3% and 2.4% respectively. The results show that economic factors are still the main determinants of managers’ remuneration.