高管薪酬、公司治理与公司业绩——基于沪深两市上市公司的研究

以2005—2011年沪深两市1236至2107家上市公司为样本，通过研究高管薪酬、公司治理以及公司业绩之间的关系发现：独立董事在董事会的占比越大、CEO对董事会的影响力越大对高管薪酬具有显著的正向影响；而股权集中度、公司为国有控股、董事会持股董事会越多、监事会持股监事越多对高管薪酬具有显著的负向影响。并且因公司治理引起高管获得的超额薪酬与公司业绩具有显著的负相关关系。

Executive Payment, Corporate Governance and Corporate Performance ---Based on the Study of Shanghai and Shenzhen Two City Listing Corporation

This paper research on the relation between executive payment, corporate governance and corporate performance by using 1236 to 2107 companies listed in Shanghai Stock Exchange or Shenzhen Stock Exchange between 2005 and 2011 as sample. We find that, more independent directors, and CEO is more powerful in board are positive with executive payment. While the concentration of equity, the company is state-owned, the board of directors of board of directors, board of supervisors shareholding more supervisors has a significant negative impact on executive compensation. In addition, the excessive payment come from corporate governance is negative with corporate performance.