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本文主要研究在没有绩效考虑的情况下,上市公司外部独立董事的薪酬是如何决定的。本文对2005-2014年我国A股上市公司12821个样本的实证检验结果表明,无论是在一定地理范围内、同行业里或一定规模上,上市公司在外部独立董事薪酬决定时均存在显著的“互相看齐”效应,即出现向地理上的中间距离、同一或相关行业或中等规模公司看齐的现象。这既与我们在现实生活中外部独立董事薪酬所观察到的实际现象相吻合,也符合中国传统哲学在利益分配上的中庸思想。
This paper mainly studies how the remuneration of independent directors outside the listed company is determined without performance consideration. The empirical test results of 12821 samples of A-share listed companies in China from 2005 to 2014 show that both listed companies in the same industry or a certain scale have a significant “See each other” effect, that is, there is a geographically middle distance, the same or related industries or medium-sized companies in line with the phenomenon. This is consistent with the actual phenomenon we observed in the remuneration of external independent directors in our real life and is also in line with the golden meanings of the traditional Chinese philosophy in the distribution of benefits.