市场化进程、高管控制权与薪酬粘性研究.pdf

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1、酬披露制度，提高高管薪酬的合理性、完善公司治理外部约束机制，制衡高管控制权、建立高管的市场化选聘和退出机制、继续推行独立董事制度，提供独立董事充分行权的良好环境。关键词：高管控制权；薪酬粘性；市场化进程；公司治理IIAbstractPrincipal-agenttheoryisthelogicalstartingpointofmoderncorporategovernance,andtheagencyproblemistheprimeproblemofthecompany'sinternalmanagementneedstoso

2、lve.Torelievethecontradictionsofinterestsarenotconsistent,enterprisesneedtoformulatethecompensationincentivesystemwiththeenterpriseperformancetomeasuremanagers'effort.However,therestrictionoftheinternalandexternalenvironment,executivecompensationoflistedcompaniesatho

3、meandabroadpresentedtothecharacteristicsisthatdoesnotmatchwiththeperformance,namelytheincreaseastheexecutivepayinthecompany'sperformanceorincreaseamplitudeisgreaterthanitsreductioninperformancedecline,andacademicdefinedthephenomenonasviscousexecutivepay.Toacertainext

4、ent,theexistenceofexecutivepayviscoushasoffsetthePositiveeffectofSalaryincentive.Themessageaboutexecutivebasedonitspowertoinfluencethecompensationwasfrequentlyinthenewsreports.Thecontrolrightofexecutiveispromotetheactionaboutexecutivetakeoverinterestsofthecompany.The

5、phenomenonoftenappearsinourcountry.Compensationstickinesswasbornincorporategovernance,whichcannotbeignoredthatreflectsthedefectsofcorporategovernanceinChina.Inthispaper,introducingthemarketalizationprocessoftheexogenousvariablestoresearchtheimpactoncompensationsticki

6、nessintheperspectiveofexecutivecontrol.Firstly,combinedwithChina'sinstitutionalbackground,thepaperputforwardapointthatisintheprocessofmarket-orientedreform,thelistedcompanyexecutivecontrolofgraduallyexpandingandinternalgovernancedefectsareallprovidedtheconveniencefor

7、executivetousetheirpowertoinfluencecompensationcontract.Thearticlediscussesmanagerialpowermakeeffecttotheexecutivecompensationstickiness.However,apartfromtheshareholdersandoperatorsworktogethertoimprovethemanagementlevel,thecorporategovernancealsoisaffectedbytheexter

8、nalsystem.Withtheprocessofmarket-orientedreform,marketforcesareimportantexternalinstitutionalfactortoeffectthecompensationincentive