我国非金融类上市公司高管薪酬粘性研究

The Research of Executive Compensation Stickiness in China's Non-financial Listed Companies

中文关键词:  非金融类上市公司  高管薪酬  业绩敏感性  薪酬粘性

英文关键词:non-financial listed company  executive compensation  performance sensitivity  compensationstickiness

中文摘要:

      文章对高管薪酬业绩敏感性以及粘性进行了理论回顾和分析,在此基础上构建理论模型,采用我国非金融类A股上市公司2007—2011年连续5年的面板数据进行实证研究,验证了我国非金融类上市公司高管薪酬与企业绩效的正相关关系,证实了高管薪酬粘性的存在性并分析了其时间发展趋势,最后从董事会特征的角度寻找可以降低薪酬粘性的因素,以期更好地维护薪酬契约的有效性。

英文摘要:

      Based on theoretical analysis on executive compensation and the characteristics of its stickiness, this paper establishes a model and applies the successive five-year panel data from the year 2007 to 2011 of non-financial A-share listed corporations for empirical study. This study exemplifies the positive relationship between the executive compensation in these corporations and their business performance, verifies the existence problem of executive compensation stickiness and analyzes its trend over time, and tries to find out solutions to reduce compensation stickiness from the perspective of board characteristic so as to better maintain the validity of the compensation contract.