选取中国深沪两市1999年到2003年4430家上市公司和美国纽约交易所1999到2002年6907家上市公司进行实证比较,在确定了中国上市公司高管薪酬的主要决定因素的基础上,与美国上市公司高管薪酬进行比较。结果表明,公司规模、公司绩效、股权特征是决定高管薪酬的主要因素;它们对于两国上市公司高管薪酬的影响是有区别的;探究了造成这种差异的原因并提出了对于中国上市公司高管薪酬政策设计的指导性建议和以后研究的方向。
The empirical study was conducted among samples of 4 430 listed companies from 1999 to 2003 in China and 6 907 listed companies from 1999 to 2002 of NYS stock market compiled from CSMAR and COMPUSTAT database. A study attempts to identify determinants of executive compensation in China while comparing how they differ between China and US. Results suggest that firm size, firm performance, and firm ownership characteristic all determine executive compensation in China, However, several differences between the determinants of executive compensation in China and US are identified. We explored the cause of these differences and suggest some guidelines for Chinese listed companies' compensation policy and discuss the future research should be done.