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一、引言2008年开始尤其2009年由美国次贷危机引发的金融风暴殃及全球,许多国家、机构和个人的财富血本无归,中国资本市场也受到很大影响。在2008年上市公司业绩普遍下滑的同时,媒体频频爆出“高薪门”事件。然而薪酬只是表面数字,其背后决定机制才是关键,这就追溯到了问题的根本——高管薪酬激励。高管薪酬激励历来被认为是解决代理问题和股东价值最大化的重要公司治理机制。它是将管理者的目标与股东的目标保持一致的重要手段。代理理论的支持者认为通过与高管
I. INTRODUCTION Since 2008, the financial turmoil triggered by the subprime mortgage crisis in the world in 2009 has brought disaster to the world. The wealth of many countries, institutions and individuals has lost everything. The Chinese capital market has also been greatly affected. In 2008, the performance of listed companies generally declined at the same time, the media broke “high salary door ” incident. However, salary is only a superficial figure. The mechanism behind this decision is the key. This goes back to the root of the problem - executive compensation incentive. Executive pay incentive has always been considered as an important corporate governance mechanism to solve the agency problem and maximize shareholder value. It is an important means of aligning the goals of managers with those of shareholders. Proponents of the theory of agency think with executives