垄断行业企业经理薪酬的研究%3a中国保险企业案例的分析.doc

摘  要  垄断行业的高薪酬一直是社会各界和学术界关注的热点问题之一，同时经理 薪酬更是公司治理的核心问题。近几年来飞速增长的经理薪酬引起了人们越来越 多的的关注。西方的财务经济学家主张采用按绩效付酬的方式设计经理薪酬，但 是该方案在实践中容易出现激励的短期化和道德风险。因此，将经理薪酬与公司 绩效挂钩已经不能解决现代公司中的委托代理问题，更不能合理解释垄断行业的 高薪酬。 对于保险业是否属于垄断行业，至今也没有一个固定的结论。本文从市场份 额、市场集中度、进入壁垒等因素分析了中国保险业市场结构的演变状况，确定 了目前中国保险业所处的市场结构类型。 本文以中国平安保险公司和中国人寿保险公司为例，通过绝对和相对比较， 对两个公司的高管薪酬的合理性进行了分析；进而研究了中国保险业的发展历 程，确定了该行业的市场结构，分析了垄断行业企业高收入的来源及存在的问题， 最后针对这些问题提出了规范垄断行业企业高管薪酬的一系列措施。 目前研究垄断行业企业薪酬的文献，大部分都关注行业收入差距的研究，很 少针对高管薪酬；关于保险业高管薪酬的文献，一般都从按绩效付酬的角度进行 研究，很少从垄断的角度出发。因此以中国保险业为例，研究垄断行业企业高管 薪酬的合理性以及高薪的原因，就成为本文的主要内容，也是该课题的学术价值 所在。 关键词：垄断行业企业；经理薪酬；按绩效付酬；保险业；中国人寿；中国平安 I Abstract The high salary of monopoly profession has been one which of hot topics in both the community and the academic circle, as executive compensation being the core issue of corporate governance. The rapid increasement of the executive compensation in recent years has caused more and more focus. Western financial economist advocated the plan of pay for performance, but this plan may result in the short-term and the moral hazard. Therefore, link executive compensation with the company achievements could not solve the principal-agent problem in modern company. There is no fixed conclusion about the problem that whether the insurance businesses belong to monopoly profession enterprises. This paper studied the evolution conditions of insurance market structure from several angles, such as the market share, the market concentration degree, entered barrier and so on, and finally defined the market structure of China’s insurance industry at present. Taking the Ping’an Insurance company and the Life insurance company of China as examples, through absolute and relative comparison, the paper analyzed the rationality of the two companies’high level managers’pay, then we studied the development process of Chinese insurance businesses, defined the insurance market structure and analyzed the source of the high salary as well as the existing problems. Finally this paper put forward the