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以2013年底之前上市的355家创业板上市公司为研究样本,本文对创业板公司高管薪酬合约进行了实证研究。研究发现:(1)高管薪酬合约设计与营业收入增长密切相关,反映了创业板公司处于成长期的特点;(2)行业因素影响创业板公司高管薪酬水平,但各行业的薪酬敏感性差异不大;(3)公司内部治理机制影响创业板公司高管薪酬合约设计,机构投资者对高管薪酬具有显著影响;(4)资产规模、资产负债率等公司特征指标影响创业板公司高管薪酬合约的制定。
Taking the 355 listed GEM companies listed before the end of 2013 as a sample, this paper conducts empirical research on the executive compensation contracts of the GEM companies. The findings are as follows: (1) The design of executive compensation contract is closely related to the growth of operating income, which reflects the characteristics of GEM in its growth period. (2) The industry factors affect the executive compensation of GEM, but the compensation sensitivity (3) The internal governance mechanism of the Company has an impact on the design of executive compensation contracts of GEM companies, and the institutional investors have a significant impact on executive compensation; (4) The impact of corporate characteristics such as asset scale and asset-liability ratio on GEM companies’ Management of salary contract.