중국기업의 경영자보상이 미래 기업성과에 미치는 영향

초록

This study empirically examines whether executive compensation is positively related to future corporate performance and there is any difference in the relation depending upon the level of corporate governance structure. Furthermore, excess compensation is measured as executive compensation net of average compensation in the corresponding industry. Agency problems between CEOs and shareholders are also considered. We use the data of Chinese firms which are listed on the Shanghai and Shenzhen Stock Exchanges. The study period is from 2008 to 2014. The empirical results can be summarized as follows. First, the more excess compensation CEOs, top managers and board chairmen earn this year, the higher the corporate performance of Tobin’s Q in the next year is. By contrast, these compensation measures do not significantly affect accounting profitability measures. Second, the excess compensation of CEOs has a positive effect on Tobin's Q, but the effect becomes less positive when the board size is larger. Third, the excess compensation of top mangers has a positive effect on Tobin's Q, but the effect becomes less positive when the board size is larger and the largest shareholder's ownership is higher. Fourth, the excess compensation of board chairmen has a positive effect on Tobin's Q, and along with the monitoring role of chairmen, the effect becomes more positive when top 5 largest shareholders' ownership is higher and therefore several large shareholders share the ownership. Fifth, among the reasons that the excess compensation of CEOs has a positive effect on Tobin's Q, less agency problems via the compensation matter. Last but not least, for robustness check, we categorized the sample firms into highest quintile and lowest quintile according to independent director ratio, and found that the excess compensation is positively related to corporate performances in the highest quintile, but it is negatively related in the lowest quintile. To conclude, Chinese firms should improve the corporate governance structure and align executive compensation with corporate performances.

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