我国独立董事与高管薪酬的实证研究——基于中小板上市公司数据

An Empirical Study on the Compensation of Independent Directors and Executive in China——Based on the Data of SMEs Board of China

高管薪酬激励问题一直是学术界研究的重点之一,也是公司治理中降低代理成本的有效手段。通过对我国中小板537家上市公司的数据分析,引入独立董事相关变量,实证研究了独立董事人数、独立董事参加董事会次数、独立董事报酬对高管薪酬的影响。独立董事作为监督管理层的角色,是否起到了有效的治理作用?研究结果表明:董事会独立性变量均与高管薪酬存在着显著的正相关关系,表明我国的独立董事制度仍待进一步完善。

The executive compensation incentive has always been one of the focuses of academic research and an effective means to reduce agency costs in corporate governance.Based on the data analysis of 537 listed companies in China’s small and medium-sized boards,the number of independent directors,the number of independent directors participating in the board of directors and independent directors were empirically studied by introducing variables related to the independent directors.Does the role of independent directors as supervisors play an effective role in governance?The results show that there is a significant positive correlation between the variables of board independence and executive compensation,which indicates that the independent director system in China still needs to be further improved.