股权结构与企业发展特征对CEO报酬影响——对大型上市企业的研究

The Diagnosis and Analysis among Enterprises’ Features, Stockholding Structure and CEO Compensation——Large Listed Companies

文章以深、沪两市大型上市公司样本,采用多个模型回归分析大公司企业特征变量、股权结构和CEO的报酬关系。结果表明:(1)大公司CEO报酬的制定标准主要根据企业的规模和成长性,而短期投资收益的作用不显著。(2)股权结构与CEO的报酬关系主要表现在:①CEO的股权激励制度尚未在大公司实行;②国有股的比例减少、流通股和外资股增加,以及其国际化趋势促使CEO获得高的报酬;③CEO报酬与股权控制度正U型关系。

On the basis of listed companies sample of China Shanghai Exchange and Shenzhen Stock Exchange, this paper examines the relationship among Ownerships＇ Structure. Enterprise＇ Features and CEO compensation by regression model. Our results lend support to the view that the CEO＇s compensation＇ standards are based mainly the size of the business and growth of investment income, but short-term role is not significant. This mainly displays in threeaspects between stockholder＇ structure and CEO compensation. Firstly, CEO equity incentive system is not implemented in the large companies; Furthermore, to CEO compensation, the proportion of state-owned shares is negative impact, but the proportion of circulation stocks and the foreign shares are positively correlated. Finally, CEO compensation and the shareholding control is U-shaped relationship.