高管薪酬制度的反思与重构

Reflection upon and Reconstruction of Executive Compensation System

高管薪酬制度是公司法上的重要制度,其制度目标在于降低公司治理的代理成本,提升公司价值。但是,传统的薪酬制度建立在两个理想的假定基础之上:董事能够代表公司平等地和高管谈判;高管薪酬标准可以独立于其他利益关系人的薪酬而确定。这种假定和现实环境不符,导致薪酬制度不能实现其制度目标,需要从程序上和实体上进行反思和重构。

Executive compensation system is a major system of corporate law, the aim of which is to reduce transaction costs of corporate governance and enhance the corporate value. However, the traditional compensation system is based on two presumptions： The directors can, on behalf of the corporation, negotiate with the executives on a fair and equal basis; the tests of the amount of compensation of executives can be determined independent of the compensations of other stakeholders. This presumption contradicts with the real world, causing the compensation system distracting from its aim. This system demands reflection and reconstruction both from procedure and substance.