【摘 要】
：
以2005-2008年A股上市公司的混合横截面数据作为样本,采用OLS和WLS方法考察了证券投资基金持股比例与上市公司高管报酬之间的关系,检验了证券投资基金的监督角色假设。实证研
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以2005-2008年A股上市公司的混合横截面数据作为样本,采用OLS和WLS方法考察了证券投资基金持股比例与上市公司高管报酬之间的关系,检验了证券投资基金的监督角色假设。实证研究发现:基金持股比例与上市公司高管报酬之间呈显著的倒U型关系,并显著增强高管报酬对绩效的敏感性;基金平均持股比例与高管报酬负相关,并增强了报酬——绩效的敏感性,但两项统计结果并不显著。总体而言,基金对高管报酬起到了一定的监督作用。
Taking the mixed cross-sectional data of A-share listed companies from 2005 to 2008 as a sample, this paper examines the relationship between the shareholding proportion of securities investment funds and the remuneration of listed companies using OLS and WLS methods and tests the hypothesis of supervisory role of securities investment funds . Empirical study found that: the fund shareholding ratio and listed company executive compensation was significantly inverted U-shaped relationship, and significantly enhance the sensitivity of executive compensation to performance; the fund average shareholding ratio is negatively related to executive compensation and enhance Remuneration - performance sensitivity, but the two statistics are not significant. Overall, the fund has played a supervisory role in the compensation of executives.
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