我国上市证券公司高管薪酬与公司治理研究——基于2011—2016年的经验数据

On Executive Compensation and Corporate Governance in Financial Industry——A Research Based on the Empirical Data of Listed Securities Companies of China in 2011-2016

高管薪酬问题一直是公司治理中的难题,随着金融行业高管薪酬的披露,学者们对高管薪酬的考核机制存在争论。借鉴国内外研究高管薪酬的理论和研究方法,利用图表和数据统计方法对上市证券公司的高管薪酬和盈利能力的现状进行分析,选取21家数据完整的上市证券公司的截面数据进行因子分析和模型构建,并利用描述性统计、回归分析、T检验等方法分析实证研究结果,得到高管薪酬与公司绩效存在正相关关系等结论。

Executive compensation has always been a troublesome issue in corporate governance. With the disclosure of executive pay in the financial industry, scholars have diputed over the assessment mechanism of executive pay. Referring to the theories and research methods in terms of executive compensation study at home and abroad, this paper analyzes the current situation of executive pay and profitability by using charts and data statistics for listed securities companies. After the factor analysis and the construction of the model based on the complete data of 21 listed securities companies in 2011-2016, and the empirical research conducted on descriptive statistics, regression analysis and T test, a conclusion is drawn that there is a positive correlation between executive income and corporate performance.