公司治理对高管薪酬激励敏感度的影响（可参考的）.pdfVIP

562009 11# 23# 11( 119) 赵 息, 杜玉鹏 ( 天津大学 管理学院, 天津 300072) : 2004 , 1001, 2004~ 2007 , , , , , , , ; , , , : ; ; : F244 : A : 1001- 8409( 2009) 11- 0092- 04 T h e Im p a c t o f C o p o a te G o v e n a n c e o n S e n s it iv ity o f E xe c u t iv e C o m p e n s a t io n In c e n t ive s ZHAO X i, DU Y u-peng (S chool of M anag em ent, Tianj in Un ivers ity , T ianj in 300072) Abstra ct: Th is pape, using a samp le of 1001 listed compan ies in Sh angh ai and Shenzhen stock exchanges f om 2004 to 2007, investigates the mi pact of co po ate gove nance on executive compensation in centivesw ith ega ds of fou cha acte istics, namely p opo tion of sha e h eld by the b iggest sha eholde s, compensation comm ittee, execu- tive sha ehold ings and independent d i ecto system. It is found that the e is negative elationsh ip betw een sensitiv-i ty of execu tive compensation and sh a e p opo tion held by the b iggest sh a eholde s asw ell as sha es held by execu- tives, i. e. , sha e p opo tion held by the b iggest sha eholde s and execu tive sh a e holde s can educe the p incipal - agent elationsh ips. The system of compensation comm ittee ism o e s ign ificant than independent d i ecto system; the estab lishment of compensation comm ittee can a ise the comp en sation sens itiv ity; the e is little elevance be- tw een independent d i ecto s and comp en sation sensitivity, w h ich seem s to show that independent d i ecto system need s to be mi p lemented m o e st ongly. K ey w ords: listed compan ies; co po ate gove nance; sens itiv ity of execu tive compensation ,