中美两国上市公司高管薪酬决定因素比较研究  

Comparative study on the determinants of executive compensation between listed companies in China and US

作　　者：万媛媛[1] 井润田[1] 刘玉焕[1] 

机构地区：[1]电子科技大学管理学院,成都610054

出　　处：《管理科学学报》2008年第2期100-110,152,共12页Journal of Management Sciences in China

基　　金：国家自然科学基金资助项目(70372032);教育部新世纪优秀人才支持计划资助项目(NCET-06-0804);电子科技大学"中青年学术带头人培养计划"资助项目

摘　　要：选取中国深沪两市1999年到2003年4 430家上市公司和美国纽约交易所1999到2002年6 907家上市公司进行实证比较,在确定了中国上市公司高管薪酬的主要决定因素的基础上,与美国上市公司高管薪酬进行比较.结果表明,公司规模、公司绩效、股权特征是决定高管薪酬的主要因素;它们对于两国上市公司高管薪酬的影响是有区别的;探究了造成这种差异的原因并提出了对于中国上市公司高管薪酬政策设计的指导性建议和以后研究的方向.The empirical study was conducted among samples of 4 430 listed companies from 1999 to 2003 in China and 6 907 listed companies from 1999 to 2002 of NYS stock market compiled from CSMAR and COMPUSTAT database. A study attempts to identify determinants of executive compensation in China while comparing how they differ between China and US. Results suggest that firm size, firm performance, and firm ownership characteristic all determine executive compensation in China, However, several differences between the determinants of executive compensation in China and US are identified. We explored the cause of these differences and suggest some guidelines for Chinese listed companies＇ compensation policy and discuss the future research should be done.

关 键 词：高层管理团队 高管薪酬 公司规模 公司绩效 股权特征 比较研究 

分 类 号：F275[经济管理—企业管理]