金融高管薪酬与公司绩效关系实证研究

An Empirical Study on the Relationship between Financial Executive Compensation and Corporate Performance

应用方程估计与曲线拟合的方法,在国内外高管薪酬快速增长的背景下,以2001-2008为时间窗口,研究了沪深两市金融类上市公司高管薪酬结构和薪酬水平与公司绩效的相关性问题,通过绩效评价模型和回归模型的求解,实证研究发现,我国金融类上市公司高管薪酬水平和薪酬结构与公司绩效均基本无关,国有金融类上市公司高管薪酬明显高于非国有金融类上市公司高管薪酬,而其绩效差异却不显著,说明我国政府对国有金融类上市公司高管薪酬实行限制,符合市场经济发展规律和基本要求,但在非国有金融类上市公司内及其他垄断性行业内,高管薪酬的差别也较大。因此,也有必要将这种限制拓展到非国有金融企业以及其它垄断性行业。

Using the approach of Equation and Curve Fitting,this article examines whether the relationship between financial officers＇ remuneration and corporate performance is highly positive.The time window goes from the year 2001 to 2008,during which senior executive remuneration grew wildly in the financial companies listed in Shenzhen and Shanghai.The result shows that the executive pay in state-owned financial listed companies is remarkably higher than that in non-state-owned financial listed companies,but the performance of them is almost the same.Accordingly,it is reasonable for our government to regulate the executive pay in state-owned listed companies,but it is far from enough,because this phenomenon also exists in non-state-owned financial listed companies and other monopoly industries.So it is necessary to expand the regulation to non-state-owned financial listed companies and other monopoly industries.