我国上市公司高管薪酬决定机制的问题分析与政策建议  

Analysis and Policy Suggestions on the Current Mechanism for Determining Executive Compensation of Chinese Listed Company

作　　者：王宏 WANG Hong(Chinese Academy of Labor and Social Security,Beijing,100029)

机构地区：[1]中国劳动和社会保障科学研究院,北京100029

出　　处：《中国劳动》2023年第6期26-36,共11页China Labor

基　　金：人力资源社会保障部科技项目,项目编号:RS2022-25。

摘　　要：近日恒大集团债务爆雷但高管仍然攫取高额年薪的典型事件,反映出部分上市公司内部高管薪酬决定和约束机制不健全,管理层薪酬与企业长期业绩和债务风险脱钩,缺乏约束和问责机制等问题。究其原因,我国上市公司治理自身存在着诸多缺陷和问题,有关高管薪酬信息披露、上市公司分红、税收调节等监管、调节政策也有待加强完善,同时企业股权结构日益复杂,部分企业通过境外上市发债融资绕过监管,股权激励、分红等工资薪金外收入快速增长等新情况客观上也增加了企业科学决策和政府监管难度。企业高管薪酬分配不单单属于企业自治范畴,还需要从维护市场公平、经济社会稳定、保护股东合法权益、调节收入分配差距出发,加以规范、引导、监管和调节,实现有为政府与有效市场更好结合。The recent typical event of Evergrande Group's debt explosion but executives still grabbing high annual salaries reflects many problems including the inadequate decisionmaking and constraint mechanisms for executive compensation within some listed companies,the decoupling of management compensation from long-term performance and debt risk,and the lack of constraints and accountability mechanisms.To investigate the reasons,there are many deficiencies and problems in the governance of listed companies in China.Regulatory and regulatory policies related to executive compensation information disclosure,listed company dividends,and tax adjustments also need to be strengthened and improved.At the same time,the equity structure of enterprises is becoming increasingly complex,and some enterprises bypass regulation through overseas listing and bond financing.The rapid growth of non salary income such as equity incentives and dividends objectively increases the difficulty of scientific decision-making and government regulation for enterprises.The distribution of executive compensation in enterprises is not only within the scope of enterprise autonomy,but also requires the government to regulate,guide,supervise and regulate from the perspective of maintaining market fairness,economic and social stability,protecting the legitimate rights and interests of shareholders,and adjusting income distribution gaps,in order to achieve a better combination of a promising government and an effective market.

关 键 词：高管薪酬 分红 公司治理 收入分配调节 

分 类 号：F270.7[经济管理—企业管理]