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实证分析企业最终控制人属性对高管薪酬合理性的影响,选取2008～2010年深沪上市公司为样本,对最终控制人为国有和非国有两类属性企业的薪酬与业绩等因素的匹配程度进行检验,同时探讨国有企业最终控制人级别对高管薪酬的影响。实证结果显示一定程度上国有企业薪酬与业绩等因素的匹配程度低于非国有企业。而且,中央国企薪酬超高现象比地方国企更严重。研究结论证明了对产权主体权利行使和经理人人力资本产权定价予以改善,对完善我国上市公司治理效率具有重要意义。
Empirical analysis of the influence of the ultimate controller of the firm on the reasonableness of the executive compensation, select the listed companies in Shenzhen and Shanghai from 2008 to 2010 as a sample, the final controller for the state-owned and non-state-owned two types of properties such as corporate pay and performance matching Test, at the same time to explore the ultimate controller of state-owned enterprises on executive pay. The empirical results show that to a certain extent, the matching between the pay of state-owned enterprises and performance and other factors is lower than that of non-state-owned enterprises. Moreover, the super-high salary of central state-owned enterprises is more serious than that of local state-owned enterprises. The conclusion of the research proves that the improvement of the rights of property rights owners and the pricing of managers’ human capital property rights are of great significance to the improvement of the governance efficiency of listed companies in our country.