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引言2008年金融危机的爆发,使得美国上市公司高管尤其是金融机构高管的薪酬问题成为公众和媒体批评的对象。高管薪酬结构中与公司经营业绩相挂钩的薪酬,如奖金和股票期权等,在鼓励高管为公司和股东利益最大化服务的同时,也为高管提供了追求短期收益的动机。有时,为了获得高额薪酬,高管甚至不惜通过操纵公司的财务报告来实
Introduction The outbreak of the financial crisis in 2008 has made the issue of remuneration of executives of listed public companies in the United States, especially of financial institutions, the object of public criticism and media criticism. Remuneration, such as bonuses and stock options, that are linked to the company’s operating performance in the senior management compensation structure encourage executives to maximize the benefits for both the company and its shareholders and at the same time provide incentives for executives to pursue short-term gains. Sometimes, in order to get high salaries, executives do not hesitate even by manipulating the company’s financial reports