国有上市公司与民营上市公司独立董事薪酬影响因素的对比研究.pdf

摘 要 独立董事制度在完善公司治理结构、强化董事会监督作用方面发挥着积极 的作用,但在我国推行的过程中,远未达到预期的效果。究其原因,选拔机制、 约束机制、激励机制等都存在一定问题。本文认为激励因素是主要原因,而激 励机制主要表现在薪酬制度上。因此本文在文献研究的基础上,选取了2007年 上市公司的数据,以国有上市公司与民营上市公司为研究对象,主要从治理结 构的角度对独立董事薪酬影响因素进行对比分析研究,试图从中发现国有上市 公司与民营上市公司独立董事薪酬影响因素的不同,从而有针对性地提出建议 和意见。 本文分别研究了这两类上市公司中董事长薪酬、总经理薪酬、第一大股东 持股比例、第二大股东持股比例以及高管薪酬五个方面对独立董事薪酬的影响 作用,研究结果发现各种不同解释变量在不同性质的上市公司中与独立董事薪 酬的相关性有很大差异。 研究发现,高管薪酬在两类上市公司中对独立董事薪酬均有显著正相关关 系;而国有上市公司中第一大股东持股比例和第二大股东持股比例与独立董事 薪酬均有显著的正相关关系,但在民营上市公司,除了董事长薪酬对独立董事 薪酬有显著负相关关系以外,其他三个变量均没有显著影响。 根据研究的结果,本文分别针对国有上市公司和民营上市公司的独立董事 制度提出了一些改进建议,希望在逐渐深入的治理改革中,能从制度上进行规 范,从而促使独立董事能逐步发挥其作用,改善公司治理结构,增强中国公司 在国内、国际上的竞争力。 关键词:独立董事;薪酬;影响因素;对比 1Abstract The independent director system made great contribution to perfecting corporate governance and strengthening the Board’s function of overseeing in the process of carrying out the system. However, the actions could not attain the expected effect. As for the reasons, there may be problems in mechanisms of selection, constraint and motivation. It is believed that the motivation mechanism is the major cause and presented in compensation regulations. Therefore, based on the research of past documents on this topic, this thesis is trying to make a comparison analysis on the influencing factors of independent directors’ compensation between State-owned Listed Company and Private Listed Company, in the perspective of governance, using the data of listed companies in 2007It is compared in the factors of the compensation of the board chairman, CEO and senior executives, the share holding ratios of the first and second majority shareholders. After analyzing, it comes to the conclusion that there are significant differences of the correlation degrees between the two kinds of companiesIt is found that senior executives’ compensation has significant positive correlation relationship with independent directors’ compensation in both two kinds of companies. However, in State-owned Listed Company, the share holding ratios of b