独立董事薪酬激励对公司未来绩效的影响研究--来自2003-2017年环保上市公司的实证检验

A Research on the Influence of Independent Director’s Remuneration Incentives on Corporate Future Performance--An Empirical Study of Listed Environmental Companies from 2003-2017

以环保类上市公司的面板数据为研究样本,基于委托-代理理论与公平理论揭示独立董事薪酬激励对公司未来绩效的影响。研究结果表明:独立董事薪酬与公司未来绩效显著正相关,且在非国有企业中更为显著;独立董事间不存在薪酬差异时更有利于公司未来绩效的提升;当独立董事薪酬激励不足时,会显著降低经理人薪酬绩效敏感性,从而降低公司绩效,这在非国有企业中表现更甚。

Taking the panel data of listed environmental protection companies as the research sample,and based on the entrustment-agent theory and fairness theory, this article attempts to reveal the influence ofindependent director remuneration incentive on corporate future performance. The research results indicatethat independent director remuneration is positively correlated with the company’s future performance, and itis more significant among non-state-owned enterprises;when there is no remuneration discrepancy among in-dependent directors, it is more beneficial to the company’s future performance improvement;when the inde-pendent director remuneration incentive is insufficient, it will significantly reduce the director’s sensitivity ofremuneration performance, thus reducing the company’s performance, which is more prominent in non-state-owned enterprises.