董事会结构、公司绩效与高管层报酬关系的实证分析

Empirical Study on Relationship between Board Structure,Firm's Performance and Advanced Manager's Reward

本文对影响企业经营者报酬的要素——董事会结构和公司绩效进行分析,探讨了董事会结构和公司绩效在公司管理人员报酬总额制定、风险报酬收入比例设置、经理人业绩评价过程中的作用。利用沪深上市公司2005年的数据进行实证分析,结果发现:管理人员报酬的对数与公司净资产收益率和净资产收益率的平方都正相关,但相关性很小;董事会在经理人总报酬制定方面没有发挥作用,而在经理人风险报酬比例设置、经理人业绩评价方面发挥了作用;董事会结构中各因素的共同作用,在一定程度上也导致了经理人报酬与公司绩效之间具有很小的相关性。

This paper analyzes some elements influencing the operator returns,such as,the board structure and performance,and discusses the effects of board .structure and corporation performance on the total remuneration of company＇s managers, the proportion of venture income and the performance evaluation of manager. And using the data ahout listed companies in Shanghai and Shenzhen Stock Market in 2005,it makes the empirical analysis. The empirical results show that：the logarithm of manager＇s reward are positively correlated with return on net assets and re- turn on net assets squared, but these corelations is very little; board structure has no effect on the formulation of manager＇s total reward, but has effects on the proportion of venture income and the performance evaluation of manager;the various factors of the board work together,to some extent,so that the manager＇s compensation and corporate performance have a very small correlation.