企业激励和政府规制下的高管薪酬研究

A Review of Enterprise Incentive and Executive Compensation under Government Regulation

高管薪酬的效率与公平问题一直广受关注。高管薪酬的经典理论是建立在董事会与高管公平交易的基础上,有其现实局限性,后续的理论分析与实证研究从不同角度或是支持该理论范式、或是提出新的解释。文章从企业激励与政府规制的视角,对高管薪酬相关研究进行了梳理。研究发现,就企业激励而言,需要通过薪酬机制设计以激励高管努力工作(表现为高管高薪),而影响高管薪酬的市场因素包括公司业绩、管理层权力、股东干预和企业规模等。对高管薪酬进行政府规制的呼声主要受社会公平和信息公开等因素的影响,包括税收规制和直接的数量限制。来自新兴市场的相关研究进一步丰富和拓展了该研究的领域,深化了对我国高管薪酬问题的认识,为未来进一步的薪酬制度改革提供了有意义的参考。

The efficiency and fairness of executive compensation is always of great concern. The classical theory of executive compensation arrangement is based on the fair-trade between the directors and the executives, which has its realistic limitations.Subsequent theoretical analysis and empirical study from different views support the theoretical paradigm or put forward a new explanation to it. Based on the enterprise incentive and government regulation, this paper makes a review of the relevant literatures. It shows that enterprise needs to inspire the executives to work hard by compensation arrangements. Corporate performance and the executives＇ power,shareholders＇ interference and firm size are the important factors which have significant impact on the executive compensation. The voice of government regulation on executive compensation is mainly influenced by the social fairness and information disclosure, including the tax regulation and direct quantity limitaion. The relevant research from emerging markets enriched and expanded the research field of executive compensation. This study helps to understand the executive compensation problem in our country and provides reference for further reform of compensation system in the future.