高管人员报酬与企业规模变动关系的实证分析——来自中国上市公司的证据  

Empirical Analysis of the Relation of CEO Compensation and Variation of Firm Size——Evidence from China's Listed Enterprises

作　　者：高义[1] 

机构地区：[1]北京大学光华管理学院,北京100871

出　　处：《山西财经大学学报》2008年第5期72-76,共5页Journal of Shanxi University of Finance and Economics

摘　　要：利用中国上市公司数据,对企业规模与高管人员报酬之间的关系进行了实证研究,结果发现:如果企业业绩变动、企业初始规模等变量保持不变,则最高管理人员报酬与企业规模显著正相关,高管人员团队规模变动不改变这种正相关关系;内部人控制程度越严重,企业规模变动对高管人员的报酬影响越大。这说明,中国上市公司高管人员存在借用扩大企业规模名义来以获取更高报酬的情况。Based on the firm level data of China’s listed enterprises, the focus of this study is on the relation of CEO compensation and the firm size. First, after controlling the firm performance variation and the firm＇s initial size, CEO compensation and the variation of the firm size have a positive correlation. Second, the variation of manager team size doesn＇t change the correlation. Third, the insider control problem will strengthen the correlation of compensation and the variation of the firm size. There is some evidence of CEO getting better compensation by only enlarging firm size and insider control strengthens the relation.

关 键 词：高管人员报酬 企业规模变动 内部人控制 

分 类 号：F279.2[经济管理—企业管理]