薪酬委员会建立及其独立性对高管薪酬的影响

The Effect of Compensation Committee on CEO Compensation Contracts： Evidence from China

中国证监会自2002年开始要求上市公司引入薪酬委员会制度。那么，这一制度的实施效果是否带来了上市公司高管薪酬的优化？本文对薪酬委员会的建立及其独立性与高管薪酬契约之间的关系进行了分析。我们的研究发现，薪酬委员会的建立及其独立性的提升都显著提高了上市公司高管薪酬水平和薪酬一业绩敏感度。进一步的分组检验表明，薪酬委员会的设立及其独立性对于薪酬水平和薪酬．业绩敏感度的提升主要存在于国有企业，支持了“最优契约论”的观点。与此同时，根据管理层权力大小划分后，在管理层权力较高的企业，薪酬委员会的设立在提高高管薪酬的同时不能相应的提高薪酬一业绩敏感度，其独立性也无法显著影响薪酬契约的制定，这些结果支持了“管理层权力论”的论点。我们的研究结果表明薪酬委员会制度在特定的情况下优化了上市公司的内部治理结构，增加上市公司高管薪酬契约的有效性。

Since 2002, the China Securities Regulatory Commission （CSRC） has required companies listed in China to set up compensation committees. In response to this requirement, this paper examines the relationship between CEO compensation and the establishment and independence of such committees. Our results show that the existence of compensation committees （and their greater independence） can improve both the level of pay and the pay-performance sensitivity of CEO compensation in SOEs, supporting the optimal contracting argument. In contrast, when managerial power is stronger than that of the compensation committee, pay increases but not the pay-performance sensitivity, with the committee＇s independence having no significant impact on compensation contracts. These findings are in line with the managerial power argument. Our results indicate that the CSRC＇s requirement that listed companies form independent compensation committees is effective under certain conditions.