摘要
本文以沪深两市的民营上市公司为研究样本,考察公司财务重述和高管薪酬之间的关系,分析公司财务重述行为是否会对CEO或CFO薪酬产生影响,以及对高管的降薪效应主要施加于CEO还是CFO。研究结果表明,公司财务重述和CEO次年的薪酬之间存在显著的负向关系,而对CFO薪酬的影响并不显著;当CEO相对影响力更高的时候,CEO的降薪效应将会减弱。
The authors of this paper use the private listed companies in Shanghai and Shenzhen as samples to examine the relationship between company financial restatement and executive＇s salary, whether the restatement impacts the CEO＇s and CFO＇s salaries, and whether the reduction in executive＇s salary impacts the CEO or CFO. The results of the paper show that there is a significant negative relationship between company＇s financial restatement and CEO＇s salary in the following year, but the impact on CFO＇s salary is not significant; if the CEO is more influential, the effect of the reduction in CEO＇s salary will be weaker.
作者
周方召
信荣珍
苏云鹏
ZHOU Fang-zhao XIN Rong-zhen SU Yun-peng
出处
《金融论坛》
CSSCI
北大核心
2017年第10期67-80,共14页
Finance Forum
基金
国家社科基金一般项目(15BGL063)
关键词
民营上市公司
财务重述
高管薪酬
CEO
CFO
公司治理
薪酬契约
private listed company
financial restatement
executive＇s salary
CEO
CFO
corporate governance
salary contract
