我国上市银行高管薪酬与银行绩效的实证

摘要银行业是我国经济健康运转的重要基础，银行业发展的好坏对社会经济有着举足轻重的影响，而银行高管对其所在银行的经营业绩又起着至关重要的作用。自从我国商业银行改制以来，上市商业银行高管的天价薪酬越来越引起社会的广泛关注和质疑。同时，随着改革开放的不断推进，拥有完善的产业结构和先进的高管薪酬激励机制的外资银行全面地融入到我国金融行业的竞争中来，而我国商业银行的薪酬激励制度并不完善，其对银行高管的激励作用没有外资银行显著，这导致我国很多高层管理人才的流失。上市银行高管的薪酬是否过高？高管人员的天价薪酬是否能对银行的综合绩效产生显著影响？怎样使高管薪酬与商业银行的业绩达到内在的一致性？采取怎样的措施来吸引管理人才为银行创造价值？面对这些问题，我国商业银行应该如何制定合理的薪酬管理制度，使上市商业银行的利益达到最大化。本文在参考国内外相关文献的基础上，以我国沪深两市的14家商业银行作为研究样本，搜集这些样本2009年至2013年共五年的相关财务数据并整理成面板数据，建立回归模型对我国上市商业银行高管薪酬与其业绩之间的关系进行实证研究。实证结果表明：我国上市商业银行高管薪酬基本上与银行经营绩效存在一定相关性，但薪酬的激励作用比较有限。这是由于银行高管的薪酬激励更多考虑的是其对银行盈利增加的激励，而对提升银行资本使用效率的激励却考虑的较少。从高管薪酬激励的有效性来看，虽然我国商业银行高管薪酬的增加与每股收益指标保持高度同步的关系，但银行的资产收益率却反而下降，这反映出高薪并没有带来实际的高效，说明我国商业银行对高管提供的薪酬所起到的激励作用并不十分理想，成本控制能力不强，整体经营的资源配置不合理。根据实证的结论，本文针对银行高管薪酬激励制度存在的问题，认为进一步完善我国银行业高管薪酬制度还需要：建立健全业绩考核评价机制；健全完善上市银行高管薪酬信息披露制度；重视长期激励，完善组合激励；加强内部监督，完善银行治理机制等。关键词：上市银行高管薪酬薪酬激励经营绩效ABSTRACTThebankingindustryisanimportantbasictoourhealthyoperationoftheeconomy.Thedevelopmentofthebankingindustryplaysadecisiveroleonthesocialeconomy,andthebank'sexecutivesareplayingavitalroleontheiroperatingperformance.SinceChina'scommercialbanksreformed,doubtsandconcernsaboutthesky-highcostofthebank'sexecutivesareraisingwidespreadly.Atthesametime,withthecontinuousadvanceofthereformandopening-up,foreign-fundedbankswhichowntheimprovedindustrialstructureandtheadvancedseniormanagers'compensationmechanismfullyintegratedintoourfinancialindustrycompetition.HoweverChina'scommercialbankscompensationincentivesystemisnotveryperfect,theincentiveeffecttotheseniorexecutivesislessfarfromthantheforeignbanksdo,whichcausethebiglossofseniormanagers.Isthelistedbankexecutives'paymenttoohigh?Whetherthesky-highcostofthebank'sexecutiveshaveagreatsignificanceontheperformanceofthebank?Howtomakeseniorexecutives'paymentandthebankperformanceachieveconsistency?Howtotakemeasurestoattractseniorexecutivestocreatemorevaluetoourcommercialbanks?Facedwiththeseproblems,China'scommercialbanksshouldmakereasonablesalarymanagementsystemtomaximizetheirbenefits.Basedontherelatedliteratureathomeandabroad,thispaperselect14listedcommercialbanksasstudysamples.Collecttherelevantfinancialdatafrom2009to2013andsortoutintopaneldata,thenestablishregressionmodeltodotheresearchontherelationshipbetweenseniorexecutives'paymentandbanks'performance.Theempiricalresultsshowthat:theseniorexecutives'paymentoftheChina'slistedcommercialbankhasacertainrelationshipwiththebankperformance,buttheincentivefunctionofcompensationislimited.Thisisbecauseourseniormanagers'compensationmechanismpaymoreattentiontothebanks'increasedprofitability,notthecapitalefficiency.Althoughtheincreaseoftheseniormanagers'compensationandtheper-shareearningsindexmaintainahighlysynchronousrelationship,butthebank'sreturnonassetsindexfalls.Itreflectsthatthehighsalarydidn’tbringactualefficiency.Itshowsthattheseniormanagers'compensationwhichChina'scommercialbanksprovidedidn’tmakeanidealresult,thecostcontrolabilityisweakandtheoverallallocationofresourcesisirrational.Therefore,inthispaper,aimingatsolvingtheproblemsexistinginChineseexecutivecompensationsystem,banksshouldtakethefollowingsuggestions：reformChinesebankingexecutivecompensationincentivesystem;improvethedisclosuresystemofthelistedbankexecutivecompensation;highlightthelong-termincentive,improvetheincentivecombination;strengtheninternalsupervisionandimproveinternalgovernancemechanismcontinuouslyetc.协Ke逐y擦W贷or稿ds爪：答L见is嚼te绝d随ba盟nk库s割航Se的ni恐or畏Ma诚na崭ge击rs矮'水Co队m茅p讨en手sa哲ti您on何Co凶mp态en散sa脊ti势on透详I粘nc奴en恢ti埋ve躬丈P遣er聚fo差rm岸an铁ce慎o璃f玉Li昏st挪ed铲B劝an南ks精目屈录TOC\o"1-3"\h\u宅摘赔码要驱②孝回归光分析尺表走3月-3超模型惠汇总解Mo套de倾l粗R渴R错Sq娘ua领re塘Ad星ju谦st瓜ed辫R缝S双qu帽ar帜e秋St锡d.交Er丸ro氧r炎of券t均he次E俯st科im欧at篇e洽Du足rb冷in疾-W烈at冶so携n客1驱.7蚂56泄a割.拦57贷1趴.罪52刺3号0.咐40节5宪0.注91植0车Pr罚ed竿ic返to小rs拉:席(C祖on晃st撕an扇t)提结，戚NP拣R馅，尤EP羡S险，粪RO笼A当，慨CA括R欣，筹NP顾LR逝，调Ln帅(T息A)底，槽RO留E认表轧3桌-施4潜回归疮方差挺分析封Mo类de差l震Su辅m宰of台S板qu牲ar侄es雾df虑Me等an非S青qu落ar撞e寨F盈Si纽g.碍1办Re彼gr塌es圾si污on蜜13百.5差54街7垫1.崭93跌6奶11世.8盖10斤.0愚00窗b钱Re牌si怀du弄al腾10枯.1窃65给62每0.耳16泰4点To师ta绳l枪23难.7摸20单69拢a.率De踏pe祸nd肥en姑t逆Va怒ri迫ab弄le面:S响AL栗b.亦Pr首ed欠ic赶to困rs丝:厉(C昏on没st给an甩t)贡佣，润NP驶R忍，桥EP纸S犹，召RO旺A撞，出CA嗓R含，滴NP老LR贵，验Ln馆(T问A)石，典RO煎E醉表动3谣-丽5析回归和系数剧表组Mo攀de桥l侵Un伍st舌an锣da停rd壁iz筐ed塑Co盒ef薯fi辰ci围en什ts废St荷an莲da氏rd希iz它ed尺Co授ef巾fi墨ci促en钢ts涨t套Si呈g.刊B秤St嗓d.私Er患ro凑r努Be享ta乐1亲(C周on译st服an欲t)汪21躲.8坦02帜1.旷64手2蛋13爹.2校81江.0番00膏RO剑E默.0填78脾.0水99模.0修93赞.7碧83首.4饶37属RO犁A稻-9崭.3灶32许3.塌03醉5邀-.外43务9盲-3丝.0效75泼.0马03巾EP蜂S催97餐.8珍85理47版.8节13茂.3室16腥2.滚04队7虽.0命45链CA冠R讽-.捎25呢5涉.0稻46誉-.陷66般7油-5叹.5脏52批.0暴00症NP蒜LR午-.另56赔9举.2粱29畜-.效27恨8众-2峰.4是79酱.0脂16袋Ln迟(T飘A)渴-.驻10倾6蛮.0弹57芽-.茧22蛮6节-1维.8金54避.0每69盒NP膝R显.1拨66犯.0录68奔.2铸39彻2.大44壶3管.0偏17努De烛pe创nd北en迁t怪Va戏ri驾ab甩le格：扯SA幼L崇通过凡SP尼SS香软件柏进行换多元殿线性穴回归释，得固到的扶回归痕结果基我们贤发现普：R端2忍=0芳.5摩71舱，修扬正的辉可决锅系数姑R肚2智=0疏.5胳23荡，说欧明该盛模型校解释养了对轰高管梢薪酬列水平贡一半盘的变革差，苹对样劝本的软拟合肺度较好好，梨回归涂关系握具有级统计府学意床义。含方程窝F值添为1办1.航81沾0，吃D-幸W值攻为0嫁.9嫁10糊，说胡明模进型设结置较赚为合肥理，厚并且