中文摘要：

针对近年来我国上市公司管理者薪酬逐渐增长的现象，本文从行业薪酬基准的角度对其进行了理论分析和实证检验，研究结果表明：我国的上市公司在制定管理者薪酬契约时采用了行业薪酬基准，并由此导致了管理者薪酬的逐渐增长；进一步地研究发现，管理者人力资本理论可以对上市公司采用行业薪酬基准提供解释，但是管理者权力理论不能解释上市公司对行业薪酬基准的使用。本文的研究意义不仅在于丰富和拓展了国内外的相关研究成果，而且为解释我周上市公司管理者薪酬逐渐增长的现象提供了一个新的视角。

英文摘要：

Recently, managerial compensation has been rising in Chinese listed companies. This paper analyzes and examines this phenomenon based on industry benchmarking theory, the empirical results show that, boards of directors use industry benchmark when they determine managerial compensation, which induces the growth of managerial compensation; Further evidence shows that, managerial human capital theory can explain the use of industry benchmarking in Chinese listed companies, but managerial power theory can not explain it. This re- search not only enriches and extends the related studies on managerial compensation, but also provides a new insight on the growth of managerial compensation in Chinese listed companies.