上市公司高管薪酬的激励效果及影响因素研究

作为一种重要的激励方式,高管薪酬通过促进其管理能力的发挥,进而影响企业业绩。但实证研究表明,我国上市公司高管薪酬水平与企业业绩不相关,上市公司的薪酬激励效果有限,需要进一步完善。影响上市公司高管薪酬水平的主要因素有:公司规模、第一大股东比例、国有股比例、流通股比例、董事会规模、总经理权限和公司所处的经济地理位置。

The Incentive Effects and Influencing Factors of Executive Compensation in Listed Companies

As an important incentive, executive compensation affects corporate performance by promoting the work of the management. However, the empirical research shows that pay level of executive is not relating with the corporate performance of listed companies. The incentive effect of executive compensation is limited and needs to be perfected. Pay levels of executives in listed companies are the main factors： company size, the proportion of the largest shareholder, state-owned share proportion, the proportion of tradable shares, the board size, managing permissions of general manager and the company economic location.