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在现行制度环境下,设计一套薪酬机制来有效地激励独立董事,对我国公司治理结构的完善具有重要意义。本文用市场交易过程中的均衡价格形成机制分析我国独立董事的薪酬问题,并通过上市公司引入独立董事之后的效用函数的构建与动态分析,得出独立董事最优薪酬存在的前提条件,构建出新型的独立董事薪酬激励模型——上市公司效用函数模型,对我国上市公司独立董事的薪酬支付方式进行调整,以提高上市公司和独立董事的双向效用,从而达到双赢的目的。
Under the current institutional environment, designing a compensation system to effectively motivate independent directors is of great significance to the improvement of corporate governance in our country. In this paper, we use the equilibrium price formation mechanism in market transactions to analyze the compensation of independent directors in our country. Through the construction and dynamic analysis of the utility function after the introduction of independent directors by listed companies, we get the preconditions for the optimal salary of independent directors, The new incentive compensation model of independent directors, the utility function model of listed company, adjusts the remuneration payment of independent directors of listed companies in our country so as to improve the two-way utility of listed companies and independent directors so as to achieve a win-win situation.