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高管薪酬是由众多激励要素组成的复杂系统，现有研究已从薪酬水平、薪酬类型、薪酬结构、薪酬差距、薪酬黏性和薪酬透明度等维度对其展开了广泛探讨。复杂度是高管薪酬方案最终体现出的综合性契约特征，对个体及组织的行为决策具有基础性的影响，是当前理论界和实务界关注的热点话题。本文遵循“概念测度—理论渊源—影响因素—经济后果”的基本逻辑，对高管薪酬复杂度的概念界定和测度方式进行梳理，探究了其理论基础，并根据现有研究归纳了高管薪酬复杂度的影响因素及经济后果。在此基础上，构建了中国情境下高管薪酬复杂度研究的整合性分析框架，并从理论视角、概念测度、研究重点和研究内容等方面对未来有潜力的研究方向进行了展望。通过系统呈现高管薪酬复杂度的研究进展和发展脉络，本文不仅为当前我国高管薪酬研究的进一步深化和拓展指出了新的视角和方向，同时对上市公司优化薪酬方案设置、监管部门完善相关管理制度具有重要的现实启示。
Abstract：Executive compensation is a complex system composed of various incentive elements. Prior research explores executive compensation from various dimensions,including the levels,types,and structures of compensation,pay gaps,stickiness,and pay transparency. Executive compensation complexity becomes a hot topic in theory and practice,as it reflects the comprehensive contractual characteristics of executive compensation schemes,and fundamentally impacts individual and organizational decision making. Following the logic of “conceptual measurement–theoretical origins–influencing factors–economic consequences”,this paper reviews the concepts and measures of executive compensation complexity,explores the theoretical foundation,and summarizes the factors and economic consequences of executive compensation complexity documented in prior literature. On this basis,we develop an integrated analytical framework for executive compensation complexity research in the context of China,and provide an outlook for future research on theory development,conceptual measurement,and research focuses and contents. By systematically reviewing the development of literature on executive compensation complexity,this paper not only points out new research areas for the further expansion of executive compensation literature in China,but also offers practical insights for listed companies on optimizing executive compensation schemes and for regulatory authorities on improving the regulatory management systems.
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(1)本文将搜索范围限定在1997—2023年。在英文文献检索中,本文采用“Complexity of CEO Compensation”“Compensation Complexity”“Complexity of CEO Pay”“Simplify Executive Compensation”等主要关键词在Web of Science、EBSCO数据库进行检索。在中文文献检索中,本文选用中国知网(CNKI)作为搜索数据库,通过高级搜索功能,检索了“薪酬复杂度”“复杂薪酬”“薪酬简化”等关键词。
(1)ISS(Institutional Shareholder Services)是一家专门从事公司治理、股东权益和可持续发展研究与咨询的全球性公司。ISS指南是由ISS公司发布的指导性文件,涵盖了董事会结构、薪酬设计、董事任命程序等方面的议题,旨在为机构投资者提供投票和治理方面的意见和建议。该指南对于机构投资者在公司年度股东大会上行使投票权和在公司治理问题上进行决策具有重要影响。此外,ISS会根据各国的法律法规、行业实践以及公司治理准则,发布定期更新的指南,以确保其建议和意见与最新的治理标准保持一致。因此该指南不仅适用于投资者,对于上市公司来说,也是了解和遵守行业最佳实践的重要参考。
基本信息:
DOI：
中图分类号:F272.92;F272.91
引用信息:
[1]陈文强,毛孝南,林飞腾.高管薪酬复杂度：研究进展与未来方向[J].当代会计评论,2023,16(04):19-44.
基金信息:
浙江省哲学社会科学青年重点项目“‘协同治理’还是‘短视主义’：行权业绩考核对企业金融化的影响及对策研究”（24NDQN09Z）; 浙江省哲学社会科学规划之江青年专项课题“数字化背景下数字化转型对企业高质量发展的影响及机制研究”（24ZJQN082Y）; 国家自然科学基金青年项目“股权激励契约条款与企业生命周期的适应性匹配研究”（72002190）; 浙江省自然科学基金一般项目“行权业绩考核与实体企业金融化：效应识别与机制分析”（LY24G020003）; 浙江财经大学校级重点项目“行权业绩考核复杂度：测度、动因和后果”（23XJKT008）的资助
