中文摘要：

本文考察了我国上市公司的高管货币薪酬是否真的存在＂奖优不罚劣＂的现象。研究发现,在有效控制公司的个体特征后,高管的货币薪酬粘性并不存在;除盈利指标外,我国上市公司在制订高管货币薪酬激励时还考虑到了营运能力、可持续发展能力和偿债能力等其他能反映公司基本面状况的指标。研究结论表明,我国上市公司高管的货币薪酬激励总体上是合理的,近年来被社会普遍关注的高管货币薪酬与经营业绩不匹配的现象并非普遍存在。

英文摘要：

This study investigates whether listed firms reward the excellent top executives without penalizing the poorly-performed. We find that, after controlling the characteristics of individual firms, there is no existence of stickiness of top executives＇ monetary compensation; when it comes to formulating top executives＇ monetary compensation scheme, net income is not the single performance indicator, other fundamental indicators, such as operating ability, sustainability and liquidity, are also factored into consideration. Our conclusions show that the designing of monetary compensation incentive for top executives is reasonable in general. Moreover, the mismatch between top executives＇ monetary compensation and operating performance is not a widespread phenomenon.