| 股权结构与CEO薪酬影响因素:基于中国上市公司的实证研究 |
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| 引用本文： | 乐琦,蓝海林.股权结构与CEO薪酬影响因素:基于中国上市公司的实证研究[J].软科学,2009,23(9):93-96,114. |
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| 作者姓名： | 乐琦 蓝海林 |
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| 作者单位： | 华南理工大学工商管理学院,广州,510640 |
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| 基金项目： | 国家自然科学基金资助项目，教育部哲学社会科学研究资助项目，教育部"新世纪优秀人才支持计划"资助项目 |
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| 摘 要： | 基于中国上市公司2005～2006年的数据,重点研究了股权结构与CEO薪酬之间的关系。回归分析显示,CEO薪酬与企业规模之间的相关性在股份分散的企业中比在股份集中的企业中更为显著,而CEO薪酬与企业绩效之间的相关性则在股权集中的企业中比在股权分散的企业中更为显著。此外,研究认为薪酬委员会的存在会对CEO的薪酬产生积极的影响,并且公司地位即公司是母公司还是子公司会对CEO薪酬具有影响。研究还发现在股权分散的企业中管理层的股权比例高于股权集中的企业,但同时股权集中的企业绩效表现却优于股权分散的企业。
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| 关 键 词： | 股权结构 CEO薪酬 股权集中 股权分散 |
Ownership Structure and Determinants of CEO Compensation: An Empirical Research Based on Chinese Public Companies |
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| YUE Qi,LAN Hai-lin.Ownership Structure and Determinants of CEO Compensation: An Empirical Research Based on Chinese Public Companies[J].Soft Science,2009,23(9):93-96,114. |
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| Authors: | YUE Qi LAN Hai-lin |
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| Abstract: | This paper investigates the relation between ownership structure and CEO compensation based on the data of Chinese public companies of 2005~2006. The regressions show that CEO compensation is more strongly related to firm size in firms with dispersed ownership than in firms with concentrated ownership, while corporate financial performance has more influence on CEO compensation in firms with concentrated ownership than in firms with dispersed ownership. In addition, it finds that a CEO will be paid more if there is a compensation committee in his company and corporate status can affect CEO compensation. The foundings also show that firms with concentrated ownership perform better than firms with dispersed ownership and CEOs are motivated with more managerial ownership in latter than in former. |
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| Keywords: | ownership structure CEO compensation concentrated ownership dispersed ownership |
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