高管薪酬与公司业绩的敏感性因素分析——金融业的证据(2000～2005年)
5662 
3417
财经研究 2008 年 第 34 卷第 01 期, 页码：95 - 106
摘要
参考文献
摘要
高管的薪酬取决于很多方面的因素,既有主观因素又有客观因素。金融企业与其他制造性企业又有较大的不同,影响薪酬的因素较为特别。文章实证研究了我国上市金融类企业高管薪酬与其业绩之间敏感性的影响因素。研究结果表明,公司规模、负债比率、收益波动性与敏感性负相关,外资进入、高管任职时间、金融监管以及董事会的独立性对这一敏感性的影响不显著。
[1]Anthony J Crawford,John R Ezzell,James A Miles.Bank CEO pay-performance relations and the effects of deregulation[J].Journal of Business,1995,68[2]:231～256.
[2]Barro J,R Barro.Pay,performance,and turnover of bank CEOs[J].Journal of Labor Economics,1990,8[4]:448～481.
[3]Chidambaran N K,Nagpurnanand Prabhala.Exectutive stock option repricing,internal governance mechanisms,and management turnover[J].Journal of Financial Econom-ics,2003,69:153～189.
[4]Chidambaran N K,K John.Managerial cmpensation,voluntary sclosure,and large shareholder monitoring[R].Unpublished paper,New York University,2000.
[5]Fenghua Song.CEOlongevity and corporate performance:Theory and evidence on the bright and dark sides of leadership continuity[Z].Job Marketing Paper,2006,
[6]Hermalin Benjamin,Michael Weisbach.Endogenously chosen boards of directors and their monitoring of the CEO[J].American Economic Review,1998,88:96～118.
[7]Hambrick D C,Fukutomi G D.The seasons of a CEO’s tenure[J].Academy of Man-agement Review,1991,16:719～742.
[8]Hol mstrom B,P Milgrom.Aggregation and linearity in the provision of intertemporal incentives[J].Econometrica,1987,55[2]:303～328.
[9]Houston J,CJames.CEOcompensation and bankrisk:Is compensation structuredin bank-ing to promote risk taking?[J].Journal of Monetary Economics,1995,36:405～431.
[10]Jensen Michael C,William H Meckling.Theory of the firm:Managerial behavior,agency costs and ownership structure[J].Journal of Financial Economics,1976,3[4]:305～360.
[11]Jensen MC,Murphy KJ.Performance pay and top management incentives[J].Jour-nal of Political Economy,1990,98,[4]:225～264.
[12]John T A,KJohn.Top-Management compensation and capital structure[J].Journal of Finance,1993,48[3]:949～974.
[13]Kose John,Yi ming Qian.Incentive features in CEOcompensationin the banking in-dustry[J].Economic Policy Review,2003,9[1]:109～121.
[14]Maretno A Harjoto,Donald J Mullineaux.CEOcompensation and the transformation of banking[J].The Journal of Financial Research,2003,26[3]:341～354.
[15]Mengistae,Taye,Xu,Lixin C.Agency theory and compensation of CEOs of Chinese state enterprises[J].Journal of Labor Economics,2004,22:615～637.
[16]Mishra Chandra S,Nielsen James F.Board independence and compensation policies in large bank holding companies[J].Financial Management,2000,29[3]:51.～69.
[17]R Glenn Hubbard,Darius Palia.Executive pay and performance evidence from the U.S.banking industry[J.]Journal of Financial Economics,1995,39[1]:105～130.
[18]Ryan Harley,Roy Wiggins.Who is in whose pocket?Director compensation,board independence,and barriers to erective monitoring[J].Journal of Financial Economics,2004,73:497～524.
[19]Sam Allgood,Kathleen A Farrell.The effect of CEOtenure on the relation between firmperformance and turnover[J].The Journal of Financial Research,2000,23[3]:373～390.
[20]Schaefer S.The dependence of the pay-performance sensitivity on the size of the firm[J].Reviewof Economics and Statistics,1998.80:436～443.
[21]Sungho Choi,Iftekhar Hasan.Ownership,governance,and bank performance:Ko-rean experience[J].Financial Markets,Institutions and Instruments,2005,14[4]:215～242.
[22]陈学彬,李翰,朱晔.完善我国商业银行激励约束机制的SWARM模拟分析[J].财经研究,2003,[9]:68～74.
[2]Barro J,R Barro.Pay,performance,and turnover of bank CEOs[J].Journal of Labor Economics,1990,8[4]:448～481.
[3]Chidambaran N K,Nagpurnanand Prabhala.Exectutive stock option repricing,internal governance mechanisms,and management turnover[J].Journal of Financial Econom-ics,2003,69:153～189.
[4]Chidambaran N K,K John.Managerial cmpensation,voluntary sclosure,and large shareholder monitoring[R].Unpublished paper,New York University,2000.
[5]Fenghua Song.CEOlongevity and corporate performance:Theory and evidence on the bright and dark sides of leadership continuity[Z].Job Marketing Paper,2006,
[6]Hermalin Benjamin,Michael Weisbach.Endogenously chosen boards of directors and their monitoring of the CEO[J].American Economic Review,1998,88:96～118.
[7]Hambrick D C,Fukutomi G D.The seasons of a CEO’s tenure[J].Academy of Man-agement Review,1991,16:719～742.
[8]Hol mstrom B,P Milgrom.Aggregation and linearity in the provision of intertemporal incentives[J].Econometrica,1987,55[2]:303～328.
[9]Houston J,CJames.CEOcompensation and bankrisk:Is compensation structuredin bank-ing to promote risk taking?[J].Journal of Monetary Economics,1995,36:405～431.
[10]Jensen Michael C,William H Meckling.Theory of the firm:Managerial behavior,agency costs and ownership structure[J].Journal of Financial Economics,1976,3[4]:305～360.
[11]Jensen MC,Murphy KJ.Performance pay and top management incentives[J].Jour-nal of Political Economy,1990,98,[4]:225～264.
[12]John T A,KJohn.Top-Management compensation and capital structure[J].Journal of Finance,1993,48[3]:949～974.
[13]Kose John,Yi ming Qian.Incentive features in CEOcompensationin the banking in-dustry[J].Economic Policy Review,2003,9[1]:109～121.
[14]Maretno A Harjoto,Donald J Mullineaux.CEOcompensation and the transformation of banking[J].The Journal of Financial Research,2003,26[3]:341～354.
[15]Mengistae,Taye,Xu,Lixin C.Agency theory and compensation of CEOs of Chinese state enterprises[J].Journal of Labor Economics,2004,22:615～637.
[16]Mishra Chandra S,Nielsen James F.Board independence and compensation policies in large bank holding companies[J].Financial Management,2000,29[3]:51.～69.
[17]R Glenn Hubbard,Darius Palia.Executive pay and performance evidence from the U.S.banking industry[J.]Journal of Financial Economics,1995,39[1]:105～130.
[18]Ryan Harley,Roy Wiggins.Who is in whose pocket?Director compensation,board independence,and barriers to erective monitoring[J].Journal of Financial Economics,2004,73:497～524.
[19]Sam Allgood,Kathleen A Farrell.The effect of CEOtenure on the relation between firmperformance and turnover[J].The Journal of Financial Research,2000,23[3]:373～390.
[20]Schaefer S.The dependence of the pay-performance sensitivity on the size of the firm[J].Reviewof Economics and Statistics,1998.80:436～443.
[21]Sungho Choi,Iftekhar Hasan.Ownership,governance,and bank performance:Ko-rean experience[J].Financial Markets,Institutions and Instruments,2005,14[4]:215～242.
[22]陈学彬,李翰,朱晔.完善我国商业银行激励约束机制的SWARM模拟分析[J].财经研究,2003,[9]:68～74.
引用本文
邵平, 刘林, 孔爱国. 高管薪酬与公司业绩的敏感性因素分析——金融业的证据(2000～2005年)[J]. 财经研究, 2008, 34(1): 95–106.
导出参考文献，格式为：
