"限薪令"对高管薪酬及薪酬绩效敏感度的影响
首发时间:2018-08-23
摘要:高管薪酬作为一直备受社会关注的问题,尤其是2008年中国平安6000万元"天价薪酬"事件的报道,更是引起了巨大的社会关注。2009年8月17日,中共中央政治局针对反映强烈的"天价薪酬"事件,发布了《关于进一步规范中央企业负责人薪酬管理的指导意见》,即"央企高管限薪令"。本文为了考察"限薪令"的颁布后,中国上市公司高管薪酬水平是否有所下降,以及高管薪酬与公司绩效的相关性是否有所提升,选取了1071家沪深A股上市公司2007年和2010年两年面板数据作为研究样本。根据实证结果发现,"限薪令"颁布后,高管薪酬水平有所提高,且高管薪酬与公司绩效的敏感度也有所提高。另外高管薪酬与公司绩效、公司规模、董事会规模、总经理和董事长两职兼任情况存在显著的正相关性;高管薪酬与资产负债率、第一大股东持股比例存在显著的负相关性;高管薪酬水平与公司所有制属性、独立董事比例、是否设立薪酬委员会的关系不显著;不同行业的上市公司高管薪酬水平是存在差异。
关键词: 高管薪酬 央企高管限薪令 高管薪酬绩效敏感度。
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The impact of "pay restriction order" on executive pay and pay performance sensitivity
Abstract:Executive compensation has always been a concern of the society, especially the report of the "sky-high salary" of 60 million yuan in 2008, which attracted great social attention.In response to the "sky-high salary" incident,the political bureau of the central committee of the communist party of China (CPC) issued the guiding opinions on further regulating the compensation management of the chief executives of central enterprises on August 17, 2009. In order to investigate whether the executive compensation level of China\'s listed companies has decreased after the issuance of the "wage limit order" and whether the correlation between executive compensation and corporate performance has improved, this paper selected the panel data of 1,071 a-share listed companies in Shanghai and shenzhen in 2007 and 2010 as the study samples.According to the empirical results, the executive compensation level has been improved after the issuance of the "pay limit order", and the sensitivity of executive compensation and corporate performance has also been improved.In addition, there is a significant positive correlation between executive compensation and corporate performance, corporate size, board size, and the concurrent posts of general manager and chairman.There is a significant negative correlation between executive compensation, asset-liability ratio and shareholding ratio of the largest shareholder.The relationship between the level of executive compensation and the ownership of the company, the proportion of independent directors and the establishment of compensation committee is not significant.The executive compensation level of listed companies in different industries is different.
Keywords: Executive Pay Pay Restriction Order Pay Performance Sensitivity.
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