【摘要】 本文以2007—2016年中国A股民营上市公司为样本,研究民企高管薪酬决策的业绩参照效应。研究发现,民企高管薪酬与参照企业的业绩显著正相关,符合经理人市场解释的预期,而且高管能力会强化这一正向业绩参照效应。进一步地,在较成熟的经理人市场中,高管薪酬与参照业绩的正相关性更为明显。同时,对于聘请职业经理人的民企,其薪酬决定机制更适用于经理人市场解释。本文对从经理人市场视角理解我国民企高管薪酬契约设计有启示作用。更多还原

【Abstract】 Taking A-share private listed firms in China from 2007 to 2016 as the research sample, this paper studies the performance reference effect of executive compensation decision-making in private firms. The results show that there is a significantly positive correlation between the private firms’ executive compensation and their peer-group performance, which accords with the expectation of CEO market explanation. Additionally, managerial ability strengthens this positive performance reference effect. Further analyses indicate that the above positive relation is more pronounced in a relatively mature CEO market, and for private firms hiring professional managers. In conclusion, this paper is meaningful to understand the design of executive compensation contract in Chinese private firms from the perspective of CEO market.更多还原