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基于上市公司《高级管理人员薪酬管理办法》提供的经理人基本薪酬与绩效薪酬数据,本文研究不同产权性质企业高管薪酬结构的差异,以及这种差异对公司价值的影响。研究发现,与国有上市公司相比,民营上市公司高管的基本薪酬更高、绩效薪酬比重更低;民营上市公司提供更高和更加安全的薪酬会导致其公司价值的下降。研究说明国企经理人薪酬制度安排会影响民营企业薪酬设计。本文研究结果也突显基本薪酬的功能,高风险承受的经理人通过高额无风险的基本薪酬来弥补其多余的风险承受。
Based on the data of managers ’basic remuneration and performance remuneration provided by the Listed Company’s “Remuneration Management for Senior Executives”, this paper studies the differences of senior executives’ remuneration structure in different property rights and the impact of such discrepancies on the company’s value. The study found that, compared with the state-owned listed companies, the executives of private listed companies have higher basic salary and lower proportion of performance pay. The higher and safer remuneration of private listed companies will lead to the decline of the value of their companies. The research shows that the salary system of SOE managers will affect the salary design of private enterprises. The results of this study also highlight the function of basic pay, and high-risk managers compensate for their excess risk appetite through high risk-free basic pay.