企業社會責任績效與CEO薪酬的關係

Abstract

本文以中國大陸2009-2015年上市公司為樣本，研究企業社會責任績效與CEO薪酬的關係，並加入產權性質和獨立董事比例，進一步探討國有企業與非國有企業中企業社會責任績效對CEO薪酬的影響是否不同，及獨立董事比例對企業社會責任績效與CEO薪酬關係的調節作用。研究結果發現，企業社會責任績效與CEO薪酬顯著正相關；這種正相關關係在非國有企業中比國有企業更強；而獨立董事比例越高，企業社會責任績效與CEO薪酬的關係並不會增強。

This research takes the listed companies in mainland China from 2009 to 2015 as a sample to study the relationship between corporate social responsibility and CEO compensation. Furthermore, by combing the nature of property right and the proportion of independent directors, this study further tested if this relationship could have a difference between state-owned enterprises and non-state-owned enterprises, and also the regulation caused by the proportion of independent directors to this relationship was also discussed. The results showed a significantly positive correlation between the corporate social responsibility and CEO compensation, which was showed stronger in non-state-owned enterprises than in state-owned enterprises. However, no regulating effect of the proportion of independent directors to this relationship has been found in this study.