股权激励和公司治理与高管薪酬关系研究——基于202家中小企业板上市公司面板数据的分析

Empirical Research on Relationship Between Equity Incentive and Company Management and Pay for Senior Executives——Based on Analysis of Panel Data of Boarded Listing Companies of 202 Small and Medium Enterprises

为激励管理层勤勉尽责地为公司的长期发展服务，股权激励政策让公司经营者以股东的身份参与企业决策、分享利润、承担风险。公司治理作为企业管控的程序、惯例、政策及法律的总称，同样影响着高管薪酬。选取2008年以前在中小企业板上市的202家公司为研究对象，以2007年一2013年的面板数据为样本，构建了以高管持股为虚拟变量的固定效应模型，对其关系进行研究。结果显示：我国上市中小企业2007年以来实施的股权激励计划和公司治理状况对高管薪酬有显著影响。

In order to motivate management to work diligently for the company＇s long-term development, equity incentive policy allows the company managers as shareholders to participate in decision-making, profit-sharing and risk-sharing. As a general term of the procedures of an enterprise＇s management and control, traditional practices, policies and laws, the company governance also affects the compensation for the senior executives. This paper se- lected the SME boarded 202 companies which had been listed before 2008 as the case study; took the panel data of the time span from 2007 to 2011 to build a fixed-effects model and to make an empirical analysis by the dummy var- iables of executives holding. The results shows that the implementation of equity incentive plans of Chinese listed SMEs since 2007and the situation of the company governance have a significant effect on the pay for the senior ex- ecutives