上市公司高管薪酬的影响因素研究——基于“限薪令”的几点看法

Positive Research of the Influencing Factors on the Top Executive Compensation——Opinions Based on the “Pay Limit Order”

上市公司高级管理人员的薪酬水平一直是理论界关注的焦点,也是资本市场中的热点话题。综合考虑上市公司经营业绩、公司规模、公司成长性、公司治理结构以及其他影响高管人员薪酬决定的诸多因素,提出相关假设进行实证检验。实证结果表明上市公司经营业绩、公司规模、股权结构、企业发展阶段等都将影响高管薪酬水平。上市公司薪酬的制定标准应该区分不同发展背景、不同规模和不同经营业绩的公司。

This paper focuses on discussing the factors that affect the top executive compensation of the listed companies.The thesis advances several hypothesis,including the performance of the company,the firm size,the growth of the firm,the governance structure of the firm.The empirical research indicates that the performance and size of the company affect the level of the top manager compensation.Besides,the top executive compensation isimpacted by the structure of the shareholder and the different stages of the development of the firm.Suggestions are put forward in the end of the paper.The standard of top executive compensation should be distinguished by different background,size and performance of the corporation.