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针对近年来媒体曝出的国有企业高管的“天价”薪酬。人力资源社会保障部等单位于2009年9月16日联合下发了《关于进一步规范中央企业负责人薪酬管理的指导意见》(下称《意见》),旨在“建立健全中央企业负责人收入分配的激励和约束机制”。本文利用事件研究法,研究了中央企业的上市公司在“限薪令”颁布日前后的累计超常收益。并且从反映公司治理及代理问题的股权结构特征的角度出发,来分析了市场的反映。
In response to the media exposure of state-owned enterprise executives in recent years “price ” salary. The Ministry of Human Resources and Social Security and other units jointly issued the Guidance on Further Regulating the Remuneration Management of Heads of Central Enterprises (the “Opinions”) on September 16, 2009 in order to “establish and improve the head of central enterprises Incentives and Constraints for Income Distribution ”. This article uses the event research method to study the cumulative abnormal returns of listed companies in central enterprises before and after the promulgation date of the “salary-limit order”. And from the perspective of corporate governance and agency issues reflect the characteristics of ownership structure, to analyze the market response.