我国上市银行高管薪酬和经营绩效相关性研究

The Correlation between Senior Executives' Compensation and the Performance of Chinese Listed Banks

近年来,上市银行高管薪酬成为社会关注的热点。本文运用我国5家上市商业银行2001～2007年年报披露的有关数据,分析了高管薪酬与企业经营绩效的关系。实证研究表明,这5家银行的高管薪酬与商业银行的盈利性水平呈显著正相关,总资产正向影响高管薪酬,但是高管薪酬与商业银行经营的安全性和流动性相关程度不高,与不良资产率的相关性不显著。商业银行的绩效变量只能解释高管薪酬30%左右的变化,这说明当前上市银行高管薪酬的决定机制中还没有充分考虑银行的综合经营绩效。因此,为了充分发挥薪酬的激励作用,应建立能充分考虑银行综合经营绩效的高管薪酬决定机制。

The public has been focusing on senior executives＇ compensation of commercial banks in recent years. This paper selects 2001-2007 data of five listed commercial banks in China, and analyzes the relationship between senior executives＇ compensation and the banks＇ performance. The empirical result shows that senior executives＇ compensation has significantly positive correlation with bank＇s profit level and total assets, but the banks＇ security and liquidity and the rate of NPLs do not affect the senior executives＇ compensation significantly. The performance of the commercial banks can explain about only 30% of the variation of the compensation, so it＇s not the most important factor that decide the level of senior executives＇ compensation. According to the above conclusions, the paper suggests establishing comprehensive senior executives＇ compensation decision mechanism with full consideration of bank＇s performance to maximize compensation＇s incentive effect.