中国企业集团董事会特征与总经理报酬——基于母子公司的比较研究

Characters of Board of Directors and Chief Executive Payment in Chinese Business Groups:A Comparative Analysis between Headquarters and Subsidiaries

基于中国沪深两市上市公司中631家企业集团2005年的数据,对中国企业集团中董事会特征与总经理报酬之间的关系进行了实证研究。通过对中国企业集团上市成员中的母公司和子公司进行比较研究,发现:(1)连锁董事比例与总经理报酬之间在企业集团母公司和子公司中均表现出正相关关系;(2)持股董事比例与总经理报酬之间在子公司中具有显著负相关关系;(3)在子公司中薪酬委员会的设置有利于总经理报酬的增加。而企业集团董事会的其它结构特征包括下派董事比例、独立董事比例、内部董事比例以及董事会规模均与总经理报酬之间不存在显著相关性。研究结果表明我国企业集团中,无论是母公司还是子公司,董事会治理效率都有待改善。

Based on a sample of 631 business groups among Chinese listed enterprises, this paper conducts an em- pirical study on the relationship between characters of board of directors and chief executive payment in Chinese business groups. Through a comparative analysis between headquarters and subsidiaries in these public companies of business groups in China, it ＇s found that percentage of interlocked directors is positively related to chief manager＇s compensation in both headquarters and subsidiaries, while percentage of shareholder directors is negatively related to chief executive payment in subsidiaries. Besides, a compensation committee in a subsidiary does good to its chief manager＇s own payment. Moreover, all the other indicators of BOD structure, including the proportion of expatriate directors, the proportion of independent directors, the proportion of interior directors and the scale of board of directors, show no significant relations with CEO compensation.