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高管薪酬制度是公司法上的重要制度,其制度目标在于降低公司治理的代理成本,提升公司价值。但是,传统的薪酬制度建立在两个理想的假定基础之上:董事能够代表公司平等地和高管谈判;高管薪酬标准可以独立于其他利益关系人的薪酬而确定。这种假定和现实环境不符,导致薪酬制度不能实现其制度目标,需要从程序上和实体上进行反思和重构。
The executive compensation system is an important system of company law. Its system goal is to reduce the agency costs of corporate governance and enhance the company’s value. However, the traditional pay system is based on two ideal assumptions: directors can negotiate on an equal basis with senior management on behalf of the company; and executive compensation standards can be determined independently of the remuneration of other stakeholders. This assumption does not match the real environment, resulting in the salary system can not achieve its institutional objectives, the need for procedural and physical reflection and reconstruction.