高管薪酬、公司治理与企业绩效的实证分析

Empirical Analysis on Executive Compensation,Corporate Governance and Firm Performance

基于2008年至2010年信息技术产业上市公司数据,研究发现:首先,公司规模和业绩均对高管薪酬有显著正向影响;其次,管理层持股对高管薪酬具有一定的替代效应;再次,内部治理机制的效力主要是通过第一大股东来实现的,而两职兼任的高管可以获得较高的薪酬契约,同时其他看似健全的公司治理机制并没有对经理权力形成有效约束;最后,高管薪酬、管理层持股和第一大股东持股比例均对企业绩效有显著的正效应,证实了实施股权激励计划将有益于公司的整体业绩表现。

Based on the data of information technology industry listed company in 2008-2010, this paper shows： firstly, firm scale and performance have major positive influence on executive compensation; secondly, management ownership has substitutive effects on executive compensation; thirdly, major shareholder plays the key role on internal control systems, oth- er corporate governance mechanisms fail to constrain the management power; finally, execu- tive compensation, management ownership and major shareholder ownership all have significant positive effects on firm performance, which suggests the implementation of equity incentive plan will be conductive to the firm performance in the long run.