管理层权力、薪酬标杆与高管薪酬制定

Management Power,Compensation Benchmark and Executive Compensation

本文分析了管理层权力通过薪酬标杆的选取影响自身薪酬制定的过程和机理，并以2011～2014年我国A股上市公司为研究对象，实证检验管理层权力对上市公司高管薪酬的影响，探究了薪酬标杆在管理层权力和高管薪酬制定之中的传导作用。实证结果表明，管理层权力以及薪酬标杆与上市公司高管薪酬均存在正相关关系，上市公司高管利用管理层权力影响薪酬制定的路径之一，是通过影响董事会对薪酬标杆的选取进而达到操纵自身薪酬的目的。

Firstly,we analyze the process and mechanism of executive compensation formulation impacted by management power through the selection of the compensation benchmark.And then,we verify the impact of managerial power on the listed companies' executive compensation based on the Ashare listed companies from 2011 to 2014and explore the mediating role of compensation benchmark between executive compensation and management power.The results show that the management power and compensation benchmark are both positively correlated with executive compensation.And we find that one possible way influencing compensation formulation used by listing corporation executives is through the influence of the board of directors on the choice of compensation benchmark so as to achieve the purpose of manipulating their own executive compensation.